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Anite (AIE) Takeover Rumours

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The thing that astonishes me more than the behaviour of the BOD is the non appearance of a counter bid. If the company is as good as we all think it is, and if the present offer is manifestly low, then the missing of this opportunity by a rival is unbelievable. So what do we not know? My mind goes again to the takeover of ABM AMRO by the infamous Sir Fred of RBS. He topped Barclay's offer only to find that the takeover brought RBS to its knees, and resulted in his demise (sacking and disgrace). He had not known the amount of toxic debt that would accrue with ABM AMRO. Could there be something sinister that, as yet, we do not know?
Cheers scobak. Glad to hear you have made a little. Not got much to say about Anite now. The BOD put the company up for sale & passed it off as a takeover - very underhand ! That is something which the shareholders should have been informed about & a vote taken at the AGM. In theory it could threaten the court sanction next week if the truth comes out. Going to be looking carefully at whether the markets are going into a Bear Phase. I learnt about bubbles when the technology bubble burst around 2000 so was prepared for the property bubble bursting & got out a good year in advance. GLA
Found some info: "When a takeover bid or scheme is announced, things can move quickly. The price offered may increase, or the period for accepting the takeover bid may be extended. The share price can be a good indicator of whether the market thinks the bid or scheme will succeed. Generally, when the bid or scheme is first announced, the price of shares in the company rises to around the level of the offer price. If the market expects a better offer to emerge, share prices can sometimes be higher than the offer price. On the other hand, if the market thinks the offer is unlikely to succeed, the share price may be less than the offer price". I think the BOD realise that the institutions will accept a low offer without 'rocking the boat'. On the other hand it could be worth 'kicking up a stink' in order to impress the boss.
Interesting that GS are buying in the market and then presumably selling to Keysight at the offer price. Not being that familiar with the takeover rules would it be possible for other Institutions to buy in the market and then sell to GS?. If so I can not see why they would do that given that daily trading appears to be either slightly above or close to the offer price. I still hold here, taking the IC advice for now of 'sit tight', like others I expected a better price (last broker recommendation I have was around 140). Scheme of arrangement is at the end of the month, many of the Institutions still hold substantial percentages, or indeed have bought after the offer. I assume that shareholders are allowed to vote for or against the scheme of arrangement when it comes before the courts, what happens if it is rejected? does the takeover fail? or is there an option for Keysight to come back with an improved offer.
I note that 2 companies have had offers of takeover this morning, which the respective BODs have recommended. The offers each had a significant premium to their share price, at 46% in the first case and 49% in the second. These are not my calculations, and I have not investigated in any way, but the top line numbers again emphasise how low the derisory offer made for Anite is.
Irene In the Kraft / Cadbury takeover it was found in the report that followed.................. 'In the wider public policy context, we express our concern that the takeover of Cadbury by Kraft was ultimately decided by institutional investors motivated by short-term profits rather than those investors who had the company’s long-term interests at heart'. So again, the institutions like the BOD always put their own interests before those of the shareholder majority which in effect makes a nonsense of putting shareholders interests first & foremost.
I am no longer a holder but do feel that this is totally outrageous! Given the latest market update the sp would probably be around 120p so they are effectively recommending a takeover for virtually no premium. I can only assume that the big shareholders will tell them to sod off, if they don't I would really want to know why.
Well done brand69, you have been around on this I thread for quite a while so good luck for the future. I must confess that I would like to see this Keysight takeover scuppered. Been reading posts on other forums, those posters are rather pained off by the events as well. People expecting an absolute minimum bid of 140p & another saying that he always thought that Anite was solely run for the benefit of the directors. The timing of that IC article is a little suspicious. IC had steered well clear of Anite for a considerable time prior to that rather too well informed 2 page report. Interestingly enough 45% of CEO's have been to private schools although it used to be much higher. Tomorrow week everyone will know that the offer was too low. Will Keysight then increase their offer - only if pigs can fly !!!
They do carry a bit of weight. They have in the past asked for the Long Term Inventive Plans to be amended - made more difficult or 'raised the bar'. As for this takeover they will probably rubber stamp it. It really is up to other companies now to take a bit of initiative. Next week there will be a great reaction to the results & suddenly people will wake up - comparing forward P/E ratios with the offer by Keysight. It will get around that the company is going cheap & probably before the end of that week 'Hey Presto' - counter bid. So at the end of the day (glass half full attitude), the timing could work out as perfection !
I retired some 17 years ago during a merger/takeover. My memory would need jogging to recall exactly what the terms were, but I had shed loads of share options that in normal circumstances would have needed years to be exercisable, but in the event of a takeover became exercisable immediately. Maybe something of this kind has influenced these directors. Not a good motive for accepting a low offer. Apologies if someone has already stated this.
Started to read the RNS doc about the takeover and noticed the statement regarding a "Court Meeting" Looked it up on the net and found that the agreement has to go to a Court meeting to be agreed as it is a Scheme of Arrangement. Whats that? So looked up takeovers etc and found this link that might be helpful regarding the rules and the time frames involved regarding a Take over and a Scheme of Arrangement. GLA Ps As a small investor its times like these that the mushroom effect comes over me. hxxp://whoswholegal.com/news/features/article/29552/public-takeover-offers-versus-schemes-arrangement
Hmmm interesting day. Takeover offer of 114p disguised as 126p. We were getting close to 110p anyway. Backed by the BOD - but why ??? If this offer had not come along, we would have been on 125p two weeks after the AGM based on fundamentals alone. Add onto that a modest 25% premium plus 12p cash ( on B/S ) & we have what is a 170p offer. No cons, no smoke & mirrors - NOT a silly 126p but an honest brass tacks 170p. So the company is being sold at about a 25% discount. This whole scenario stinks. Just been emailed by the TA course people that nobody becomes a successful trader spending $24 on a course. They seem to have forgotten the course was reduced from $1500 - LOL Going back to Fundamental Analysis (like Warren B) & just using TA candlesticks like werty to help with entry & exit points. That 2% risk thingy is going to take a fair bit of study, but hey - we have the Internet for things like that. :-))
Do we trust the BoD? Personally, I feel they have done a good if under-publicised job. Unless there is some other reason to doubt their recommendation, such as them moving to take up positions with the takeover company, I will respect their advice. However, I do have mixed feelings over this. Let us hope there are other bidders waiting to be flushed out. It would appear that Anite is now a successful company on the way up and the offer price does seem cheap.

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