Axis-shield Share Discussion Threads

[edgar3] 30/9/2011 22:20

Rule 2.8 of the takeover code applies where a company has made a statement that it does not intend to make an offer and means the company may not, unless there is a material change in circumstances, make a move on the target company for six months.
Presumably the material change would be the Alere bid lapsing .....

[edgar3] 30/9/2011 19:44

This in the 'Daily Telegraph':

The Scottish company, which is fighting a 460p-a-share takeover bid from US rival, Alere, said it had been in talks with another suitor regarding a proposal that "could have delivered significantly higher value for Axis shareholders".
But the potential suitor backed away after Alere doubled its stake to 21.98pc; despite that, Axis said the interested party reserved the right to bid should Alere's offer lapse or be withdrawn. Alere's offer expires on October 10.
After that announcement, Alere said it had upped its stake yet again and now holds 29.9pc of Axis' stock - the most it can buy in the open market - leaving some observers thinking another offer looked unlikely.
But Axis stood by its belief that Alere is "making a highly opportunistic offer in order to try and acquire Axis-Shield on the cheap".

[edgar3] 30/9/2011 19:39

I guess the only way ASD and the mystery bidder thought they could stop Alere was to formally announce there was no bid in the offing (otherwise they would have to keep mum). They were probably right. I think it's telling that ASD suggest that an offer might be made with their consent. What slightly worries me is why a bid wasn't simply made. Maybe they saw time running out, and needed slightly longer to get finance etc in order.

[tabber] 30/9/2011 17:19

Should have read the RNS's first :-) Looks like healthcorr sold 800 odd thousand for starters, and too many others to read about.

[tabber] 30/9/2011 17:14

So who is selling in such great numbers below the offer price. Odd. 376,000 shares traded through SETS today, massively above the usual liquidity available on this stock.

[slaterlpj] 30/9/2011 16:50

Thing is though, Alere ARE increasing their holding.

Somebody is selling enough to them that's for sure.

If luck has it, and the share price drops again before the bid end date, I'll definitely buy more.

[hotfinance14] 30/9/2011 16:17

Enjoy the ride.

[edgar3] 30/9/2011 14:58

Things moving fast.
They now have nearly 30%.
So, 20% in 4 days.

But the pace, presumably, should now slow.....

It's a frigging roller-coaster.

[hotfinance14] 30/9/2011 14:07

Alere will fail for sure.

[scobiebreasley] 30/9/2011 14:04

HF - only if their initial offer fails.

hopefully shareholders will now not accept Alere's bid to ensure it fails and then hopefully the other company will proceed with their counter offer

[hotfinance14] 30/9/2011 13:37

Alere therefore have to make a further bid...let the battle commence.

[scobiebreasley] 30/9/2011 13:21

certainly now a good incentive for shareholders not to accept Alere's offer.

"However, the third party has reserved its rights to make an offer in the circumstances set out in Rule 2.8 of the Code, including with the consent of Axis-Shield should the Alere offer lapse or be withdrawn."

[doc robinson] 30/9/2011 13:15

game on again!!!!

[hotfinance14] 30/9/2011 13:11

A bid of significantly higher value...that must be over 600p.

[scobiebreasley] 30/9/2011 13:07

30 September 2011

Axis-Shield plc ("Axis-Shield" or the "Company")

Statement re potential competing offer for Axis-Shield

The Board of Axis-Shield notes the announcement made this morning by Alere AS Holdings Limited ("Alere") confirming its purchases of ordinary shares in Axis-Shield which have increased its shareholding to 21.98% of the issued share capital of Axis-Shield.

The Company continues to believe that Alere is making a highly opportunistic offer in order to try and acquire Axis-Shield on the cheap. The Board has been more than willing to engage with Alere if Alere were to put a proposal to the Board that more fairly reflected the fundamental value of Axis-Shield. No such proposal has been received from Alere.

In recent weeks, the Board has been working hard on a conditional proposal from a third party which could have delivered significantly higher value for Axis-Shield shareholders. These discussions confirmed the Board's views about the fundamental value of the Company.

In the light of today's announcement by Alere, this third party has no current intention to make an offer. However, the third party has reserved its rights to make an offer in the circumstances set out in Rule 2.8 of the Code, including with the consent of Axis-Shield should the Alere offer lapse or be withdrawn.

Shareholders are reminded that Alere's offer remains open until 1.00 p.m. (London time) (which corresponds to 2.00 p.m. Oslo time) on 10 October 2011.

[hotfinance14] 30/9/2011 08:59

Dont they need 75% plus of shares ?

[slaterlpj] 30/9/2011 08:55

Yeah but Hot, if Alere get the required %, sadly they can't be stopped.

[hotfinance14] 30/9/2011 08:49

ASD wont let Alere buy at 460p.

[slaterlpj] 30/9/2011 08:39

Well, IF, they can go on aquiring at this rate, Alere will reach the winning post in good time, and be able to declare Fait accompli. And this rate, the "if" might be a "when".

So get ready to receive 460 per share.

Shame I didn't buy a load more the other day.

[hotfinance14] 30/9/2011 08:33

Why game over at 22% ?

[doc robinson] 30/9/2011 07:57

22% now appears game over??

[slaterlpj] 30/9/2011 07:51

First Eagle geting shot.
Alere aquiring.

[edgar3] 29/9/2011 15:54

Assuming it's Alere mopping up, I reckon that for every 500,000 shares they purchase, they will gain another 1% of the company. Might take them a long time ....

[slaterlpj] 29/9/2011 15:33

Lost opportunities. Did anybody mop any up?

[edgar3] 29/9/2011 09:53

Presumably, Alere mopping up .....
But why?
They ain't gonna get to 50% by buying shares, and I'd have thought the increased share price would discourage acceptances..