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Gartmore Grp Share Discussion Threads
Showing 326 to 346 of 350 messages
|so if its going for 92p whats it doing at 108 ?|
|Will the Directors have to relinquish their free shares?|
|surely henderson will walk - can not see appetite for rights issue to fund it. 85% of Guy's high margin hedge fund already gone. The stock could half once henderson walk away.|
|Good write up in the F.T. today.
Henderson could walk away according to them.|
HENDERSON is unlikely to agree an acceptable offer for Gartmore before the Christmas break, sources close to Henderson say, raising the risk that the embattled fund manager could collapse before a deal is done.
|Man group doing very well, get your money back there could see 350p short term also possible T/O by blackrock
best of luck|
|Henderson have the upper hand here...might be worth buying Henderson shares...but just seen they have had a good run since 2009 from around 60p...No Advice Intended...|
|And a nightmare for the poor investors sucked in @ 220p , yes 220p.
What a CITY MADE RIP OFF.|
|Who was saying a minimum bid price of 128p!!?
93p is toppy - shorters dream|
|Yet again the management telling half truths.
No wonder Henderson had to issue a statement.
Lucky to even get 80p IMHO given the very shoddy mismanagers in charge.
The 15% share award was daylight roberry or was it not ?|
|95p is the offer subject to jew dillabarance.
Therefor you will be lucky to get out allive for 93p imo.
|It would be a very good buy for Henderson. As New Star, Gartmore have lost credibility and need to be rescued.|
|from the FINANCIAL TIMES
Henderson eyes bid for Gartmore
By Miles Johnson
17 December 2010
Henderson Global Investors has begun negotiations with Gartmore about making a £344m rescue bid for the troubled City fund manager.
It has made a 95p per share conditional offer, a discount to Gartmore's current share price of 104.8p, which would be paid in a mix of cash and Henderson shares, according to people familiar with the talks.
In depth: Hedge funds - Dec-14.SEC fines Gartmore $1.35m for trading breach - Dec-09.Aberdeen rules out buying rival Gartmore - Nov-30.Henderson tests the water for Gartmore rescue - Nov-26.Swan Street builds its interest in Gartmore - Nov-23.
The terms of the deal, which Jeffrey Meyer, Gartmore chief executive, wants to complete by the end of the year, have not been finalised and there is no certainly of its success, these people said.
Henderson's interest in Gartmore, which was first reported by the Financial Times last month, comes after its rival put itself up for sale after the departure of its key fund manager Roger Guy.
Gartmore, which is being advised by Goldman Sachs, received two other indicative offers one from GAM, the Switzerland-based fund manager, and the other from the Japanese financial conglomerate Sumitomo but is now in exclusive talks with Henderson. Gartmore and Henderson both confirmed that they were in discussions.
The move for Gartmore runs counter to Henderson's stated strategy of pursuing acquisitions in the US, but is viewed as an opportunity to add to its retail business and bolster its presence in hedge fund investment products. Last year, Henderson snapped up New Star Asset Management for £115m in a similar rescue takeover.
The likely end of Gartmore's independence comes less than a year after it listed on the London Stock Exchange. Gartmore is still 20 per cent owned by the private equity group Hellman Friedman, which bought it out after it had been passed around owners including Banque Indosuez, NatWest and Nationwide Mutual.
The company, one of the City of London's best-known retail fund managers, has been rocked by a series of high-profile staff departures amid which its shares collapsed by more than 50 per cent from a listing price of 220p. That made it one of the worst-performing stock market listings in Europe since the onset of the financial crisis.
Guillaume Rambourg, who co-managed Gartmore's hedge fund business with Mr Guy, was suspended in March for breaching internal trading rules, later resigning from the company to concentrate on fighting a Financial Services Authority investigation into the incident.
In November, Mr Guy, who managed 16 per cent of Gartmore's £20.9bn of client assets, announced that he would retire on the same day as its chief operating officer Dominic Rossi moved to Fidelity.|
|Gartmore, which last month announced it would seek a merger or sale of the company, said the bid talks were on the basis of a proposal priced at "a slight discount" to Gartmore's closing share price of 98.75 pence on December 16.
I DONT FANCY YOUR CHANCES OF GETTING OUT BREAK EVENS, YOU HAVE BEEN MUGGED OVER.|
|This morning I was thinking - it must be time for the Gartmore sell off - so bought some at about 100. I'm holding over the weekend in case anything firmer materialises. I know its a gamble and I may end up worse off. Nothing ventured nothing gained.|
|Aby buf will be much lowedr then current share price|
|spob - thanks for the update.
But if Henderson's offer is "at a discount to the current share price" why has the share price gone up?|
|Exclusive: Gartmore Races To Agree Henderson Deal Share
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Exclusive: Gartmore Races To Agree Henderson Deal
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December 17, 2010 3:09 PM
Recommend post (0) The board of Gartmore, the struggling fund manager, is racing to agree a takeover by Henderson Group before the end of the year, I have learned.
I am told that Henderson is either in or poised to enter exclusive talks with Gartmore and its adviser, Goldman Sachs. The outline of a deal could be agreed within weeks, according to my sources, although that timetable could prove to be ambitious.
Gartmore is one of the most recognisable names in Britain's vast fund management industry, with £20bn of assets under management. However, it has been struck by a string of mishaps in recent months, including the departure of star fund managers. A controversial incentive deal to retain other executives hasn't helped improve City sentiment toward the company.
Henderson, which is almost three times the size of Gartmore by assets under management, has drafted in Ondra Partners, an advisory firm which helped bring Gartmore to the stock market last year. Ondra is working alongside UBS on assembling a firm bid.
I understand that GAM Holding, the Zurich-listed fund manager, and another firm affiliated to the Japanese group Sumitomo have also held discussions with Gartmore in recent weeks. They remain in the wings if talks with Henderson collapse, and it's also possible that another player such as Jupiter Asset Management could emerge as a bidder.
It's not clear to me how much Henderson will offer to buy Gartmore, although at least part of the offer is likely to be in Henderson shares, and it would probably be at a discount to the current share price. It's possible that it may attempt to structure an offer in a similar way to its rescue bid for New Star last year, when it agreed a price which reduced in proportion with an outflow of funds from the company headed by John Duffield.
I should caution that since no deal has been agreed yet between the boards of Henderson (which trades as Henderson Global Investors) and Gartmore, there is still a real chance of the talks collapsing.
My understanding is that because the board of Gartmore is keen to agree a deal quickly, it may set a formal deadline for firm offers for the business if exclusive talks with Henderson do not yield an agreement within the next few weeks.
"Things are at a very delicate stage," a person involved in the prospective deal told me today.
In one sense, a takeover of Gartmore by Henderson would be odd in that Henderson's stated focus is on growing its business in Asia and the US. Buying Gartmore would do little to aid that but would bulk up Henderson's UK business significantly.
Gartmore has been among the worst-performing stock market listings of the last 12 months (which is not without irony given its status as one of the blue-chip names of the fund management sector). It listed at 220p last December and earlier this afternoon was trading at just over 100p, giving it a market value of just over £350m.
Its miserable experience as a public company has been compounded by the news that Roger Guy, its star fund manager, is quitting.
Gartmore, Henderson and GAM Holding all declined to comment, while Sumitomo could not be reached for comment.|
|Sky breaking news
bid coming from Henderson|