Close Brothers Share Discussion Threads

[roidstermuthafukk] 24/1/2008 17:09

where did you hear that from...substantiate! please

[ukneonboy] 24/1/2008 15:57

Rumoured to be Abu Dhabi Investment Authority ............await developments

[roidstermuthafukk] 24/1/2008 14:43

wow moving up quickly....830p....counterbid coming??

[roidstermuthafukk] 24/1/2008 14:38

do you mean on to the next?? i.e. blackstone??

[roidstermuthafukk] 24/1/2008 14:37

close didnt want him to have it..after all they think hes a prat!...LOL
They must have another offing in the wings or are prepared for a breakup....either way... still looks like a 10.50 plus in the not to distant future..
Rich

[safman] 24/1/2008 11:55

rod last RNS.. close brothers put out.. ..

"The Board of Close Brothers concluded that there was considerable uncertainty surrounding the deliverability of the Consortium's indicative proposal, especially in the light of current market volatility."

cheers

saffy..

[roidstermuthafukk] 24/1/2008 11:53

what!!?? saffy!?

[safman] 24/1/2008 11:40

yep.. i reckon buyers that can stump up the monies on the next.. in this enviroment..

good luck..

saffy..

[roidstermuthafukk] 24/1/2008 10:47

nice recovery today

[roidstermuthafukk] 24/1/2008 10:47

nice recovery today

[roidstermuthafukk] 24/1/2008 10:46

nice recovery today

[roidstermuthafukk] 23/1/2008 10:22

just brought another load (7.85).....hope its the right decision.....although even if there is a downside cant be worth less than this price as an acquisition target unless there is a full blown crash in the market....fingers crossed. have been burnt badly lately!

[roidstermuthafukk] 23/1/2008 10:21

just brought another load.....hope its the right decision.....although even if there is a downside cant be worth less than this price as an acquisition target unless there is a full blown crash in the market....fingers crossed. have been burnt badly lately!

[safman] 23/1/2008 09:46

Close Bros snubs Cenkos as courtship ends in angry recriminations
Christine Seib

Cenkos's £1.5billion takeover of Close Brothers has been scuppered, with the 130-year-old bank blaming stock market turbulence for its decision to snub the stockbroker's offer.

The collapse of talks leaves Blackstone, the private equity firm, as the front-runner to acquire the bank. Tata, the Indian conglomerate, and Orix, the Japanese financial group, are also in talks with Close Brothers.

The bank said yesterday that there was a danger that Cenkos and Landsbanki, Iceland's second-largest bank and its bid partner, would not be able to finance their £10.25-a-share offer after two days of wild gyrations in global financial markets.

A Close Brothers spokesman said: "We bent over backwards to give Cenkos the chance of substantiating their offer, [but] neither the equity nor the debt finance had been committed and they required at least five weeks to get this in place."

The bank also complained that Cenkos had set oppressive conditions on the deal.

Cenkos insisted that its £10.25-a-share offer was fully funded and accused Close Brothers of "putting up obstacle after obstacle" against the deal. Cenkos said: "Senior Close management have given the impression of willing to engage but have, in fact, adopted a policy of obstruction. Any suggestion that Cenkos blocked the deal is plain wrong."

Sources close to Cenkos accused Close Brothers of demanding a break fee in excess of the 1 per cent set on most deals.

Cenkos and Landsbanki had hoped to break up the bank, with Cenkos taking the asset management and corporate finance businesses and Winterflood Securities, Close Brother's stockbroking unit, and Landsbanki taking the commercial lending operations.

The pair made a 950p-a-share indicative offer for Close Brothers last November but were rejected, with the bank thought to be looking for an offer close to £11 per share. They improved their offer to £10.25 a share this month.

Blackstone has done due diligence but may face difficulties in raising sufficient finance for a bid. The firm hopes to buy the whole bank, then sell Winterflood to Collins Stewart, the stockbroker. Landsbanki has not ruled out a return to the bid battle.

Saffy..

[badtime] 23/1/2008 08:40

nibbled on a few

[ukneonboy] 23/1/2008 08:40

The offer talks failed because CBG refused to enter into an "exclusivity" arrangement with CENKOS + Landsbanki so CBG management now know they have got to "unlock" and deliver value to shareholders, worth at least £10 per share.

I'm expecting CBG management to continue talks with other potentional buyers including Blackstone and the Abu Dhabi Investment Authority with a fall back plan of a demerger / break-up plan.

Rumours circulating in the Square Mile suggest that if the talks fail, CBG management will simply break the company up into 3 separate businesses. The logical split would seem to be Stockbroking (based around market-maker Winterflood Securities), then as a separate business, Commercial Lending + Finance and the 3rd business involving Asset Management incorporating Financial Services

In either scenario, at 775p each, CBG shares are ridiculously cheap and worth buying.

I'm expecting further developments and further annoucements to be forthcoming within the next few days.

"BUY"

UKNEONBOY
:)

[isis] 22/1/2008 21:02

I reckon Cenkos bottled it because of the state of todays market. imo

[cmethven] 22/1/2008 20:58

Interesting update to the announcement, let's see what develops over the coming weeks.

[cmethven] 22/1/2008 17:38

so where do we go from here.Any views on whether Blackstone and the others will make an offer?

[peter27] 22/1/2008 16:46

excellent long term hold business - why are they entertaining offers? Still I suppose everything has a price.

[safman] 22/1/2008 16:12

agreed ..cbg is an absolute solid business...

good luck..

saffy..

[cmethven] 22/1/2008 16:09

Questioned whether Cenkos could get this away last night. Board appears to have done the correct thing by clearing them out the way for other interested parties to talk. Stock reaction initially severe but coming back since other offers potentially out there.

[safman] 22/1/2008 15:57

offer terminated..

saffy..