||EPS - Basic
||Market Cap (m)
Real-Time news about Titan Eur. (London Stock Exchange): 0 recent articles
|2andyman: I note the following from the Friday RNS concerning those shareholders who did not accept the offer;
Offer timetable and action to be taken
The Offer will remain open for acceptance until 19 October 2012, being 14 days after the date on which the Offer has been declared unconditional as to acceptances.
The Offer will close at 1.00 p.m. (London time) on 19 October 2012. Failure to accept the Offer by 1.00 p.m. (London time) on 19 October 2012 will mean that you are not entitled to accept the Offer.
Has anyone who did not accept the original offer and has a nominee account received a further 'offer for acceptance' notification through their broker.
I have not and have contacted my broker to see if this had been sent out to them but they had no knowledge of a further offer of acceptance. Is this likely to appear on Monday the 8th as the RNS was only on Friday the 5th?
I now do not know whether to accept the extended offer if I get the chance or simply to sell up next week. Is Titan International's share price likely to rise in the near future and do they pay dividends? Any information gratefully received.|
|2andyman: As I have stated before this is a terrible offer from Titan International and the more people who do not accept the better. There may be more share price volatility if the bid fails but that should die away and we should see a return to the company valued on the fundamentals of the business, which certainly aren't as bad as the board of self intersted cowards are making out.
If the bid fails I still believe that changes at board level will be needed and Arden should certainly be dropped as a broker. I know most broker advice is nonsense and nobody takes these people seriously but Arden's suggestion that the bid was good value has made them a laughing stock in my opinion.
Turbulent times ahead but if the bid fails and we have some board changes that put in place directors with a bit of spine then we should be back on the path to full recovery.
Production and profitability increases
Steady reduction of debt
Reinstatement of the dividend.|
|insails: I have come to the view that in the absence of a counter offer I would be best voting in favour of the takeover.
I would hope that if TWI win and the deal is seen as a steal TWI stock will rise,
and with the positive points in Kimboy2's post above TWI may be able to outperform TSW.
European sales are clearly under pressure on all fronts whilst US agricultural sales may not be so badly affected as I first feared as many US grain farmers are insured and the others with crops are getting record prices.
If the bid fails I fear a stampede for the exit dragging the TSW price down and
with little growth in prospect to bring it back up.
I see that once accepting i am restricted from then selling so i imagine a counter offer has to come now or never as holders wont be able to change their mind later.
I dont think a counter offer will appear.|
|neg: Exactly Tiswas, the share price is now back to where it was before the takeover was known! Value of the takeover is now down to some 1.11... who is going to accept that? Either Titan Int walk away or they will have to substantially raise their offer. I am very happy to hold my shares, and kind of hope this bid fails. Ok the share price will fall, but it is very cheap anyway.
Perhaps they have delayed posting either because they know the Germans won't accept and are thinking about raising the offer, or that they know it will fail and don't think it worth going ahead.|
|2andyman: I no longer trust the managenment of TSW. If the bid fails the whole lot of them should go, including Akers, and a new board that represents all of the shareholders appointed.
I found the below on Wikipedia intersting.
From Wikipedia 'Takover - Strategies'
Takeovers may also benefit from principalagent problems associated with top executive compensation. For example, it is fairly easy for a top executive to reduce the price of his/her company's stock due to information asymmetry. The executive can accelerate accounting of expected expenses, delay accounting of expected revenue, engage in off balance sheet transactions to make the company's profitability appear temporarily poorer, or simply promote and report severely conservative (e.g. pessimistic) estimates of future earnings. Such seemingly adverse earnings news will be likely to (at least temporarily) reduce share price. (This is again due to information asymmetries since it is more common for top executives to do everything they can to window dress their company's earnings forecasts). There are typically very few legal risks to being 'too conservative' in one's accounting and earnings estimates.
A reduced share price makes a company an easier takeover target. When the company gets bought out (or taken private) at a dramatically lower price the takeover artist gains a windfall from the former top executive's actions to surreptitiously reduce share price. This can represent tens of billions of dollars (questionably) transferred from previous shareholders to the takeover artist. The former top executive is then rewarded with a golden handshake for presiding over the fire sale that can sometimes be in the hundreds of millions of dollars for one or two years of work. (This is nevertheless an excellent bargain for the takeover artist, who will tend to benefit from developing a reputation of being very generous to parting top executives). This is just one example of some of the principal-agent / perverse incentive issues involved with takeovers.|
|and1: TWI price is hopefully starting to move up reflecting that if the deal goes through they are getting about 15% equivalent of their combined market cap for free if they give 1 TWI share for every 11 TSW. ie a share price of TWI around 25$ is still quite cheap. That will put TSW only at 145p.
I think with the possibility of Mefro bidding and a rise in TWI shares to 25$ it may be worth holding on for a TSW price between 165 and 145p.
|insails: and 1
If your broker doesn't trade US stocks then you will need to open an account and move your shares to one who does.asap.
your broker may be able to arrange a to deal via another broker.
Their will obviously be a period of time after a formal offer is issued which will help.
If you don't have an international account you will be offered the shares in certificate form which could lead to delays.
You might find the share price settles down very near the TWI offer price and you are happy to sell the TSW shares in the normal way on the last day of trading.
Don't use TD Investing. They cost me £300,0000 when West China Cement re-listed in Hong Kong. They took 8 weeks opening my company account and another 5 weeks transferring share certificates, all without the slightest sign of concern or competence.|
|tiswas: Cheers Kimboy
When were Arden appointed and do you think the substance of their advice has been made known?
I still do not see how it can be in the interests of TSW shareholders to be exposed to a falling TI share price. Would they consider it to be a fair offer if International share price halved from here? If not why is there no caveat on the recommendation?
RULE 3. INDEPENDENT ADVICE
3.1 BOARD OF THE OFFEREE COMPANY
The board of the offeree company must obtain competent independent
advice on any offer and the substance of such advice must be made
known to its shareholders.
PS Not thinking I can do anything about this but it is a good learning process!|
|and1: Nav excl intangibes is 122p, enterprise value is almost doube current price. good orer book and future growth. This share has a broker target of 170, only recently dropped from 210 due to temporary problems in Italy. I agree with someone earlier that 200p seems a good price.
There is a puzzle though, why did the share price only rise to 130 after the news? and why didnt titan inc (nyse) rise more if they are getting it at such a steal?
i suspect if there is an offer they will have to pay around 150 which is the highest its been in recent times. That is the minimum i will be happy with....|
|davidosh: I did not see any press coverage nor movement in the share price to suggest a bid approach ! I wonder if they are putting immediate pressure on to extract other interest in the company at an early stage rather that Titan Inc setting the price based on the current share price.
The company was in bid talks with Titan Inc in 2008 before I took a shareholding and before Mefro swallowed up 28% of the company. At that point the indication was that well north of £2 was required and I see no reason why it would not be needed again this time|
Titan Europe share price data is direct from the London Stock Exchange