Lavendon Share Discussion Threads

[dr_smith] 16/12/2016 08:34

This is fun. I have little experience of takeovers but the bidding is quicker than I would expect, I have had some t/o's with one buyer taking 6-9 months.
I assume the respective parties want things settled before xmas, so they can relax..and BOD will want its staff to spend time away knowing who they will be working for in 2017.

Last few weeks market share price has been around 10-13p over bid.
Today market share price 257.77 over 250, so market still expecting more to come..but near its conclusion.

RNS received in email at 8.13 a.m. says "TVH is considering its options and urges Lavendon Shareholders to take no action in response to the announcement by Loxam. "

Any bets we will see another bid later today?

All IMO :-)

[aishah] 16/12/2016 08:28

Market indicates counter to the counter likely. 275p?

[xxx] 16/12/2016 07:36

250 was the minimum that I was willing to accept from the outset. The break fee indicates it is Lavendon's preference, but I wish they had not agreed to it. Outside chance of a higher bid now, though still not expensive on sector price to book comparisons.

[cwa1] 16/12/2016 07:25

Is that the "knockout" bid? Looks like it to me. Wonder if TVH will have the stomach for more, or if this is where they throw the towel in?

[aishah] 16/12/2016 07:05

250p Loxam counter. I'll take that on Monday.

[superstardj] 15/12/2016 20:20

Surprised that JLG and Genie aren't taking a keen interest.

[dr_smith] 15/12/2016 13:58

Aishah..suggesting?? You were spot on!
I do think they have missed a trick though going lowish at 230, unless they know limit of Loxams bids (and any required backing). They have been quick to respond too.
I guess they were expecting it. Market share price expecting a counter counter counter bid ;-)
Maybe tomrrow..but guess it depends upon whether Lomax has supporting finance already in place and agreed in priciple.

rns by BOD at 1.45pm (my email time) says "The Board continues to advise that shareholders take no action with regard to the offer from TVH at this stage and a further announcement will be issued in due course."

So BOD seem to be open minded to another Loxam bid...cough..or even a third bidder.

[dr_smith] 15/12/2016 08:31

Cheers QS99..Yes Merry xmas but suspect we'll be chatting more before then.

RNS today re posting of Loxam offer has "The First Closing Date of the Offer is 17 January 2017." (If I am reading the right bit of small print..DYOR)

So with xmas, procedings for counter/counter/counter zzzz bids could take a while...IMV

[qs99] 15/12/2016 06:32

Dr S, yes been a bit lucky! PEL is a bit of a spread, but when it has doubled it becomes less of a problem!

Trying to work out next plays as am now about 35% cash after bids for LVD and AVS.....will advise!

Merry CHristmas

[barbel3] 14/12/2016 16:33

Thanks guys I have decided not to accept the offer and ride it out and sell in the market thanks for your views will carry on reading on this board now cheers.

[dr_smith] 14/12/2016 15:56

I can see 250 being top/final, but 230 bid over 220 sounds too piddling in my view, I think next bid will be 240+ as they won't want Loxams next bid (say 250) to leave them with no room for manouvre..I guess I am saying first to 250 will likely win the day IMV.

[aishah] 14/12/2016 15:44

Wonder how many IIs have indicated their acceptance of the Loxam offer? Presumably TVH offer will lapse as they won't have 50% take up. Cue a higher TVH offer around 230p. Loxam comes back with 250p. Job done. All imo.

[sell it high] 14/12/2016 15:35

I can't imagine that TVH will take long to respond. They have already conducted their due diligence and now that the board have recommended the Loxam offer the ball is firmly in their court. I'll wait until the end of the week...

[dr_smith] 14/12/2016 13:20

QS99 - Posts crossed. Yes noticed that..hope you were into COA yesterday not today!
If you were, you must be on cloud 9, having 3 holdings today up 12%, 8.21 and 5.3.
Which brand of tea leaves do you use?

[dr_smith] 14/12/2016 13:13

QS99: Interesting choices, not on my watch list (apart from holding IQE). I avoid low cap such as PEL as buy/sell spread is usually riduclous, I want percentage gain to come to me not brokers. ;-)
I tend to go for slow and steady, IQE non-typical for me, but seem to have all their ducks lined up for tomorrows promises to actually materialise.

Barbel3 - Is answer not in todays posts?
I think for each of us, waiting is hoped to be beneficial, but at same time, cut and run means capital to invest in other market opportunities, as bidding could be several weeks or more - especially with xmas break.
IMO :-)

[qs99] 14/12/2016 13:03

DR S, hope you are looking at COA, it is up 12% today on back of last broker note mate.
Cheers

[alter ego] 14/12/2016 12:56

Well if you are minded to accept then why not sell now and get 10-12p a share more? If you think or hope the offer will be raised above the current market price, you don't have to respond now but wait to see if you are right. You will still own shares you can sell in the market at some point. No advice intended, make up your own mind.

[qs99] 14/12/2016 12:53

or sell in market? why accept offer 12p below current MP?!

[barbel3] 14/12/2016 12:50

Hi guys need a bit of help as not to clued up as to take the offer or not accept as I have to notify td investing as by 16th Dec thanks in advance

[qs99] 14/12/2016 12:27

Hi Dr S, I have taken 75% off the table now, leave rest for a bidding war and see what happens. Now moving over to likes of PEL, IQE, COA and UTW where I have put my winnings! Cheers for now
gla

[dr_smith] 14/12/2016 12:12

Certainly Jeffian :-)
(Middle name Russell - I'm no Doc..use name for clarity but ironicaly misleads)
I am with Aj Bell and their timescales on this one seem to be 5 days ahead of legal return dates, presumably to accommodate the time for their own systems to collate and forward responses. Not aware of any charge, I believe it is nil.

[jeffian] 14/12/2016 11:44

Hope we're friends again, Dr!
Slightly o/t, but I do take shareholder activism/responsibility seriously, attend some AGM's and have dialogue with companies where appropriate but, despite politicians telling us to exercise our 'powers' on things like Director remuneration (hah!), the modern system of nominee accounts makes it very difficult to do so. My broker (HL) often doesn't alert me to corporate action and, when it does, either says something like "you don't need to take any action" or charges £12 for the 'privilege' of exercising your vote!

[aishah] 14/12/2016 11:00

I'm pretty relaxed. Market thinks a counter offer likely above 230p. Loxam may counter the counter over that price. And I'm not ruling out another bidder to appear! imo.