Bond International Share Discussion Threads

[eezymunny] 10/6/2016 08:45

An odd one, huh?

105p rejected and in exclusive and advanced talks for all divisions bar Eurowage (which looks decent). Is that right?

I can't work out why Mr Market isn't more excited! I guess there's risk that everybody walks away. Thoughts?

[cockerhoop] 10/6/2016 07:52

You'd hope collectively that the other offers add up to more than 105p per share!

[battlebus2] 10/6/2016 07:31

Yes that's what we all thought , far too cheap. Maybe Constellation will up there bid to 125p :))

[weatherman] 10/6/2016 07:12

BDI rejects offer as undervalued, and says in exclusive negotiation to sell two other divisions. There are offers for all.

[asagi] 04/6/2016 11:56

Excellent points, dangersimpson2. Bond must produce results before the end of June. Constellation must make a formal offer or withdraw by 5pm July 1st.

The 'shrewd' bit therefore is that Constellation gets to see Bond's results before deciding. If they had announced any sooner, they could have been forced to offer or withdraw without having seen results.

Has Bond spent all this time talking to Constellation alone? That's hard to accept. And have they really not been given access to management accounts in this time?

Look at the share price graph and how long Bond shares have traded over 105p in recent years. Add in the growth of Strictly Education and the acquisition of Eurowage. Surely 105p is unacceptable to many shareholders.

Asagi (long BDI)

[dangersimpson2] 03/6/2016 18:46

Given the constellation holding they are really the only game in town to take the lot. It seems unlikely that there is someone else who is willing to pay a sufficient premium to buy them out. A seperate sale of the individual businesses could still be done though and if the value of that exceeds 105p then that could prompt a higher bid. I can't see constellation declining to bid after today's announcement. Given that they announced first and the board had to take time to draft a response it definitely reads as if they had been discussing for some time and are trying to force the board's hand because they didn't like the pace/outcome. So we have a floor of 105p with a small chance of something higher. I'm happy to wait and see how this plays out. Would like to see the FY15 results though to see how cheeky 105p really is.

[smithie6] 03/6/2016 10:02

Not holding but have in the past...and been to an AGM once

105p looks like underpriced offer imho

But is anyone else interested to put in competing offer ?

[asagi] 03/6/2016 09:56

well, I certainly hope that the board haven't spent all this time talking to Constellation Software only!

Asagi (long BDI)

[abarclay] 03/6/2016 09:02

game over here lads

[aishah] 03/6/2016 09:00

Yawn. I hope the board rejects this low ball offer.

[boadicea] 03/6/2016 08:59

The offer looks somewhat opportunistic and the share price deliberately engineered down to make 105p look reasonable.
Selling the excess of 29.9% resulting from conversion of the nv stock would obviously depress the price and then they choose the nervous Brexit window to launch an offer.
From their last announcement(SE sale) the company should shortly have ~£5m (=£11.3m less £5.9m debt repayments less expenses) which it said it intends to return to holders - nearly 12p/share. This is presumably the reason for the suggested reduction in offer price in today's announcement.

The muted share price response tends to indicate that the market is rating the chance of it going through at no more than ~50%.

Incidentally, where are the final results for 2015 which one would normally have expected two months ago?

[battlebus2] 03/6/2016 08:46

Maybe they'll play hardball and push for 106....

[pj 1] 03/6/2016 08:35

What will BDI's response be?

[battlebus2] 03/6/2016 08:29

Yep, barely worth having the funds tied up for so long.

[wjccghcc] 03/6/2016 08:25

I suppose we can't complain about a 20% premium for such a rag bag of businesses but it feels a little disappointing after all this time.

[abarclay] 03/6/2016 08:24

cheers mate

[battlebus2] 03/6/2016 08:23

Just joined ADVFN today then abarclay....welcome to my world :))

[abarclay] 03/6/2016 08:16

Constell will now knock out a few as they have before.
BDI tried to sell itself, nobody wanted it

No other offers coming.

Thats all folks!

[pj 1] 03/6/2016 08:15

It all feels a little orchestrated, but little point dwelling on it.

[battlebus2] 03/6/2016 08:12

Yes should have produced a 20% premium but I suppose it'll allow another lift on confirmation. Doubt there'll be any other offer given Constellation's holding.

[pj 1] 03/6/2016 08:06

Genuine or to flush out any other interested parties?

As amatter of interest why wasn't it marked to to nearer 105 at the open?

[battlebus2] 03/6/2016 07:43

As we expected Constellation to make a possible offer.

[cockerhoop] 03/6/2016 07:43

Constellation finally play their hand!