Esure Share Discussion Threads

[cwa1] 14/8/2018 08:19

Very stingy offer IMHO.

[speedsgh] 14/8/2018 07:59

Interim Results plus confirmation of firm offer at 280p. Not paying an interim dividend “in light of the Proposed Acquisition” is a bit cheap! Can’t see the justification for that. Disappointing.

2018 Interim results and proposed acquisition -

...In light of the Proposed Acquisition, the Board is not recommending the payment of an interim dividend (1H 2017: 4.1 pence per share)

Offer by Blue (BC) Bidco Limited -

...It is currently expected that the Scheme Document will be published in early to mid September 2018, that the Court Meeting and the General Meeting will be held in early October 2018 and that the Scheme will become Effective towards the end of 2018.

[masurenguy] 13/8/2018 18:15

Looks like Wood is happy to exit at 280p !

"The 280p-a-share offer is yet to be formally made, but esure has said it is in “advanced negotiations” with Bain and would be “minded to recommend" the bid, assuming it is made on those terms. The offer hasn’t been formalised just yet, but esure, which is due to report its half-year results tomorrow, said the two parties are in “advanced stages” of negotiations.

Should Bain follow through with its proposal, it would represent a 37% premium to Friday’s closing price of 204p. “The board of esure has indicated to Bain Capital that it would be minded to recommend a firm offer for esure if made by Bain Capital at the price set out in the proposal,” read a brief stock exchange statement. Bain has until 5pm on September 4 to either announce a firm intention to make an offer or withdraw from the process altogether."

www.proactiveinvestors.co.uk

[nk104] 13/8/2018 14:01

Added another 450 shares a few weeks ago so this should be good news. However I can’t help feeling the buyer has timed this very well given ESUR was over £3 a year ago.

[masurenguy] 13/8/2018 13:31

Don't rule out a counter approach from another insurance company. If private equity is prepared to pay around 280p then another insurance company or financial institution, that has greater business synergy with eSure, could value it even higher !

[speedsgh] 13/8/2018 13:00

Wonder how much Bain Capital have paid to have the price walked down in recent months ;o)

[topvest] 13/8/2018 12:53

Yes, I would have thought £3 was about right, particularly as we are now forfeiting the H1 dividend. Suspect this will be it though, unless Admiral or Direct Line show some interest. Looks like Sir Peter Wood can retire with a nice payday. It’s only a few weeks ago that we were all getting a bit jumpy as this plummeted below £2. Seems quite opportunistic in terms of timing.

[speedsgh] 13/8/2018 12:16

Seeing as the share price was a smidge over 300p just 12 months ago, not convinced that 280p would be a full value but the offerer is of course taking advantage of the weak share price which has been in a consistent downtrend since last summer. Having said that ESUR is not a core holding for me so I would be minded to accept 280p & move on. All the better of course if competition were to emerge but won't be holding my breath.

[skinny] 13/8/2018 12:15

No leak what so ever!!!

[sporazene2] 13/8/2018 12:11

wouldnt surprise me if DLG came in.

[saltaire111] 13/8/2018 12:10

Gutted that they’re going to get this on the cheap. This is worth £3.50 a share all day long.

As my biggest holding, i’m Really disappointed that this is going to be sold.

Salty.

[topvest] 13/8/2018 11:25

Pleased I doubled-up now a few weeks back. Not that impressed by 280p, but a profit is a profit I suppose. Personally, I'd rather hold longer term.

[kate2017] 13/8/2018 11:25

Calm down Dears

400p?

[welshwizarduk] 13/8/2018 11:15

Yep some big buying first thing. So like you said some inside dealing gone on there.Seemed prime for takeover hence why I bought a few weeks ago.

[ntv] 13/8/2018 11:13

nearly bought last week but thought i would wait for results, ho hum !
well done holders

[deadly] 13/8/2018 11:09

Insider trading then earlier.

[masurenguy] 13/8/2018 11:07

Ha - I've been holding on waiting for a bid to materialize here. Would be quite happy if a deal went through @280p !

13 August 2018
esure Group plc

Possible Offer

The Board of esure Group plc ("esure" or the "Company") notes the recent movement in its share price and confirms that, having received an unsolicited proposal from Bain Capital Private Equity, LP and its affiliates ("Bain Capital"), it is in the advanced stages of discussing a possible offer for the entire issued and to be issued share capital of the Company by Bain Capital. Following discussions and a period of due diligence, Bain Capital has submitted a proposal to acquire all of the issued and to be issued shares of esure at 280 pence per share in cash (the "Proposal").

The Proposal represents:

-- a premium of approximately 37 per cent. to the closing share price of 204 pence on 10 August 2018 (being the last business day prior to this Announcement);

-- a premium of approximately 40 per cent. to the one month volume weighted average price of 199 pence per esure Share to 10 August 2018; and

-- a premium of approximately 29 per cent. to the three month volume weighted average price of 216 pence per esure Share to 10 August 2018.

The Board of esure has indicated to Bain Capital that it would be minded to recommend a firm offer for esure if made by Bain Capital at the price set out in the Proposal, subject to the agreement of terms relating to the Proposal.

esure is a UK registered company and any bid for esure is governed by the Code. Under Rule 2.6(a) of the Code, Bain Capital must by not later than 5.00 p.m. on 10 September 2018, either announce a firm intention to make an offer for esure in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Panel in accordance with Rule 2.6(c) of the Code.

There is no certainty that an offer will be made for the Company. Bain Capital expressly reserves the right to:

a) make an offer at any time on reduced terms:
(i) with the agreement or recommendation of the Board of esure;
(ii) if a third party announces a firm intention to make an offer for esure pursuant to Rule 2.7 of the Code at a lower price than the Proposal;

(iii) if esure announces, declares or pays any dividend or any other distribution to shareholders, in which case Bain Capital reserves the right to make an equivalent reduction in its offer terms; or

(iv) following an announcement by esure if a whitewash transaction pursuant to the Code; and

b) introduce other forms of consideration and/or vary the mix or composition of consideration of any offer.

This announcement is being made with the consent of Bain Capital.

[deadly] 13/8/2018 10:19

A lot more confident than they were on Friday...........!?

[bennyf] 13/8/2018 09:17

Some people are confident about the results tomorrow ...or already know

[welshwizarduk] 13/8/2018 09:14

Takeover Bid?

[sporazene2] 13/8/2018 09:06

interims tomorrow.

[deadly] 13/8/2018 09:05

Lively today, tipped somewhere?

[saltaire111] 08/8/2018 16:57

Yes, remarkably quiet here. I’m very bullish on esure. One of my largest holdings and delivering a very tasty yield. Don’t understand why it and the other insurers are so out of favour. Beast from the East is in the numbers now and revenues are doing well.

Salty

[db125] 04/8/2018 18:44

Seems this board is as lively as the share price!