Burford Capital Takeover Rumours (BUR)


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Copy and pasted answer below A purchase by a director in the company he or she runs is a classic signal for investors. Directors can buy and sell shares in their own companies during periods when they are not aware of any information which the general public is not aware of which might cause the price to move.  If they have such ‘insider information,’ they are not allowed to trade. However, there is an important distinction between insider information and insider knowledge. Directors have insider knowledge at all times. No one has a better insight of a company’s prospects than its directors. Even if there is no takeover in the air or no breakthrough, a company director should know the business inside out.
I think there is a Catch 22 in Argentina trying to buy Burford rather than cutting a deal. Rule 15 of the Takeover Code states that when an offer is made by say, Argentina for Burford shares, Argentina must make an "appropriate offer" or proposal to the holders of those Burford shares. In order to be “appropriateâ€￾ in the terms of Rule 15(a), the Burford BoD would have to consider that an offer or proposal will normally need to be for no less than “see throughâ€￾ value, i.e. the value of the Burford shares by reference to the value of the voting equity offer from Argentina. Argentina offer would be at an undervalue (otherwise why do it) therefore the Burford board could easily reject it. Even if Argentina could afford it and the takeover premium - Burford directors, management and staff would walk out leaving them high and dry. Argentina would need 90% acceptance
PE takeover would not necessarily be so unfortunate for management of course
r77 - largely agree with that - PE takeover would be unfortunate as would mean retail investors wouldn’t get a chance to participate in a turnaround The disguised profit warning and the “reassurance on liquidity” that just stated current assets killed trust for me - v glad that I knee jerk sold out on the first account delay I invested in the past in juridica - it was a sorry take of management despite having some good litigation wins Something needs to change
Unlikely to be a takeover but I think management could take it private, has been an utter disaster listed and there are obviously questions about its probity....so come on management, i’ll take 8 quid a share for this dodgy pos I should never have bought even at 6 quid. Another Woodford winner.
I think a takeover is more than possible, although not sure how a potential acquirer would even begin to carry out due diligence, given that the cases that make up the portfolio are confidential.
any indications of a potential takeover could act as a catalyst for the share price.
There is a takeover in the pipeline, hence the delay. Should be approx £7 when it is announced later this week
It's lost a quarter of its value this week! I do think increasingly that a big part of the problem is the loss of credibility in management. If one of the other litigation funders could launch a takeover and put a new person in charge I think this would give a terrific boost.
I think the problem is increasingly Bogart himself - the latest bonus announcement did nothing for his credibility. Just thinking out loud, but some kind of reverse takeover by one of the smaller (but more respected by the markets) litigation players could solve the problem in an instant. Think about it - they could obtain the entire portfolio not far off NAV - PLUS the fund management business and the very valuable intangibles - eg team of expert lawyers, network of clients and brand/reputation.
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