Btg Share Discussion Threads

[fhmktg] 04/12/2018 16:08

Invesco clarifying it's undertaking to put a long stop in for August 2019 to ensure they will be free of commitment if the bidder doesn't complete by that date.All tickety - boo for the offer document to come out.Be nice to see it before the year end, if only to smoke out any other players.

[bargainbob] 02/12/2018 08:29

Heart failure BTG on biggest losers list . Must be a mistake .

[fdr99] 29/11/2018 09:14

Fascinating following the commentary and watching events unfold.
I own a paper based certificate of shares with BTG from an employee scheme (outside of the UK). I’ve casually watched the price rise and fall (and fall) over the last few years. At the point where I began seriously investigating the process of selling these shares (quite a process from outside the UK and with a paper certificate), the buyout offer occurred. Quite timely.

Currently waiting for the certificate to arrive in the UK and be converted via the CREST process.

I appreciate the commentary from a complete outsider to share trading.

[spyder] 29/11/2018 07:23

It depends who it is from solonic...

[solonic] 29/11/2018 02:23

I wouldn't be too keen on a cash and share offer. We'd be off on the same 20-year merry-go-round....

[spyder] 28/11/2018 17:12

There have been quite large trading volumes over the last few days, which I guess in itself is not unusual post bid, but with the price starting to creep up, it will be interesting to see where this leads.
Presumably, representatives for BSX are currently mopping up floating stock, this will have to stop once the shares hit the bid price.

[fhmktg] 28/11/2018 16:09

The market price is closing in on the offer value....only 11p to go.If buying continues, we might expect a counter bid?

[keinekosename] 27/11/2018 10:20

Thanks Spyder and others, much appreciated

[spyder] 27/11/2018 08:28

-> KKN
Regarding timing, I am certainly no expert, but my understanding is that the next step is for the Offer Document to be published, although due to the structure of the transaction, it will be called a Scheme Document.
This has to be published within 28 days of the Offer announcement, so within the next 21 days, but it should arrive sooner, so in a week or so?
This will outline the timetable going forwards.
IF there were to be any third party interest, it is likely that it will emerge between the Offer Document being published and the shareholders vote, but several days/weeks before the vote to give proxy holders time to adjust.
IF there were an alternative offer, the timing going forward is re-set.
I welcome input/correction from more knowledgeable posters.

[bargainbob] 26/11/2018 15:23

Just the starting point is £9.25. Whether someone is willing to offer that is open . From what I read Boston only want one part of the company that accounts for under 40 per cent , so maybe if someone is willing to take the other parts £9.25 is possible.

[fhmktg] 26/11/2018 12:22

If a serious bid of £9 or higher is coming in, I would have expected an indication to BTG within a week or so, otherwise everybody just wastes a lot of expensive cash on lawyers and advisors.I didn't pick up any news over the weekend from the press or analysts.Anybody else got info?

[keinekosename] 26/11/2018 12:14

Thanks spyder, that's really useful.
Excuse my ignorance in asking but I haven't been through a takeover before as a shareholder - but do we know any more about timings yet?
My (admittedly scan-reading) understanding from the docs indicates sometime in H1 2019 for the takeover to happen and for us to get our hands on £8.40 per share - is that right?
And within that timeframe, is there any perception (what's normal, and is that even relevant?!) as to whether an alternative bid could come earlier or later - and could it come right at the very last minute prior to takeover being finalised?
Again, apologies if questions are naive, etc., and thanks in advance!

[spyder] 26/11/2018 09:46

Just for interest, I had a look at the commitments given by the irrevocable undertakings. Curiously, they vary, but in summary, they can be broken under the following circumstances:
INVESCO (15.9% holding) - alternative bid of 10% or higher than 840p and Boston does not within 5 days match or exceed the higher bid.
NOVO (11.4%) - alternative bid of 10% or higher.
WOODFORD (5.5%) - any alternative bid that Boston does not match or better within 5 days.

[semper vigilans] 23/11/2018 13:47

You could also have fun trying to insert the Duracell batteries even though it is clockwork.

[bargainbob] 22/11/2018 22:22

Spyder , interesting now that a bid is on the table everyone is talking down BTG. I think they are worried a counter bid could happen . Which may not suit the cosy BTG management.

[spyder] 22/11/2018 21:32

Given that everyman and his dog knew that J&J were going to lose the appeal it would be astonishing if Boston had not foreseen this.

[bargainbob] 22/11/2018 19:57

Thanks Spyder.

[bargainbob] 22/11/2018 19:54

Edison saying tonight , the J&J outcome is not known if it's a material change after the bid. There is no lock in fee for either party if the break away . However they see the risk as small To no impact on the deal , as it was not the reason Boston wanted BTG.

[spyder] 22/11/2018 19:36

Sorry - duplicated.

[spyder] 22/11/2018 19:36

Times titbits:
“Analysts playing down the chances of a counter bid from a third party due to what Jefferies called “its somewhat eclectic product mix”
“Analysts also described the price as fair although Panmure Gordon said that at 15.2 times 2019 earnings it compared with a sector average of 24 times earnings”
There is also comment about the fact that RBC analysists issued a sell note based on the recent results just before the deal was announced - although I don’t quite see how that is an awkward situation for the board as they will have had a duty to keep negotiations confidential until there was something to report.
RBC should have realised that a bid was always a posssibility - we (mostly) did!

[cannyshoveyergrannyoffthebus] 22/11/2018 12:03

could be Boston buying in market to get closer to 75% needed.

[fhmktg] 22/11/2018 10:52

There seems to be some significant buys out there- 300k just bought.Is this just for the additional 12p on completion or stake building on the prospect of a new player coming in?Any thoughts?

[dp1umb] 22/11/2018 10:29

Bargain yes the ovarian cancer treatment looked very promising

[spyder] 22/11/2018 08:47

Sorry, BB, i’ll try and post titbits from Times later ...