Shearwater Share Discussion Threads

[spot1034] 02/7/2010 11:56

I saw that go through on the CNBC ticker - was wondering who would be trading at the full offer price, unless of-course it's someone building a stake in advance of a further bid?

[25babies] 02/7/2010 11:44

9.3 million shares just bought at 290p. Is this CH2M disposing of their shares to URS? Who else would buy - apart from URS - at 290p?

[wcjan26] 01/7/2010 14:35

cheers. skipping kids off school tomorrow and we have an early flight to copenhagen. will take them to tivoli gardens for the day. just need a decent hotel now.

[25babies] 01/7/2010 14:33

Have a good weekend - unfortunately I am working!

[wcjan26] 01/7/2010 14:08

25b. there are loads of reasons a deal can fail. that is why the 5p gap being so narrow is unusual- like the market still suspects another party will show its hand

can't see it myself so i have pocketed the profits and what an astounding one it was too. will be recycling most of it to similar candidates in the same and adjacent sectors but seeking a decent long weekend abroad leaving tomorrow witht the rest of it!

[25babies] 01/7/2010 14:04

Personally with current interest rates worth waiting until September unless you need the cash. I suppose always a minute danger that the world economy totally tanks and URS goes down the plug hole. Think it most unlikely that anyone else will come into play.

Remember - this is the first time in over 20 years I have made all the right decisions on a share!

[petesyc] 01/7/2010 13:18

Thanks zangdook, that makes sense. So the market is effectively saying that if you hang on for a few months you'll get rewarded with about 5p per share more than if you take your money and run today!

[zangdook] 01/7/2010 12:03

petesyc

you can take 285p minus commission now or 290p in September. I presume the buyers are either people who want a secure 1.7% over 2 months, or else URS is mopping up what it can get at a slight discount (I presume they're allowed to?). If the discount were less there wouldn't be much of a motive to buy.

I'm dithering. There's still a small chance a third bidder will appear. I sold a little at 120 and don't want to repeat my mistake, but there are plenty of other bargains out there now.

[indomie] 01/7/2010 10:23

cheers wcjan26 - opted for 888, PRTY and MCHL

[celeritas] 01/7/2010 09:06

Well done guys, I go back to my old post of a sitting duck, well this duck was well and truly plucked out the water.

[wcjan26] 01/7/2010 08:57

indomie- HYC surely next in play. while the markets and peers tumble, HYC is breaking out to new highs and looks set for a move to 390p 'sans' bid (cup with handle breakout)... looks to me like the big boys know something

MCHL, TRB, IRV also possible candidates - but could be bad for your h/w-ealth in the meantime given how bad their charts look!

[wcjan26] 01/7/2010 08:50

petesyc
actually it is closer than it usually is

[petesyc] 01/7/2010 08:49

If the offer is at 290p then why are the shares currently trading at 285-286p? I know it's close, but I was expecting it to be closer. Am I missing something?

[beangrinder] 01/7/2010 08:19

ROK and ALY for me.

[spot1034] 01/7/2010 08:19

25babies - not sure about the terms they agreed with other holders, but they bought a lot in the open market which was what I was referring to.

[indomie] 01/7/2010 08:10

any ideas of co's worth looking at next?

THANK YOU SCOTT WILSON!!!! ;=)))

[25babies] 01/7/2010 07:58

Spot - I do not think CH2M make a killing. I thought that they bought their 13% share on the basis of a condition that the deal was revoked if a bid came in above 10% of the 245p per share payment. May be wrong - anyway not my problem!

[foodcritic] 01/7/2010 07:02

That's it then only £2.90 ;)

Well done all.

[spot1034] 01/7/2010 06:48

..and CH2M haven't completely lost out as they make 45p on the stake they bought on Monday so well done to them too!

[25babies] 30/6/2010 23:59

What a ko blow.
Oh happy day.

[spot1034] 30/6/2010 23:15

CH2M has withdrawn



'CH2M Hill said it had noted the announcement of a revised cash offer by URS Corporation and that it will no longer proceed with its acquisition of Scott Wilson and has withdrawn its offer. CH2M Hill, which is Scott Wilson's largest shareholder after buying just under 10M shares on Monday, will follow Scott Wilson's board's recommendation.'


So 290p it is then!

[rik shaw] 30/6/2010 20:44

How does anyone work out the value of a company such as this ? share price here has been up to 360p, down to 35p just 15 months ago and back up now to be valued at 290p- wow !

[wcjan26] 30/6/2010 17:56

wahey

i did suggest a possible knock out at £3 was on the cards... missed by a bit. can't suggest to be disappointed though!!

[spot1034] 30/6/2010 17:47

Well I would have expected that if URS upped their offer, it would have been to 275p and maybe, just maybe, CH2M might have gone to £3.

Perhaps URS were also thinking the same way, and have gone to 290p hoping that this would seal it. But will it be enough?

I'm sure none of us could have imagined being up at these levels 72 hours ago.

[indomie] 30/6/2010 17:29

OMG it's £2.90!!!!!! Is this a knockout blow for HILL? I suppose they could match it and put it to a vote as they already own 12%......and employees may be more favourable to their bid - it would be harder for the board to still recommend two equal bids if HILL is offering ownership in the business and certain employment and pension protections.

it doesnt look like from the announcement that they have been able to sign up any institutional support yet, maybe all waiting to see what HILL does next.....not sure why URS didnt wait until tomorrow 7am to announce....surely gives HILL more time to plan their options.

Recommended Increased Cash Offer

for

Scott Wilson Group plc

by

Universe Bidco Limited

a wholly owned subsidiary of URS Corporation

(to be implemented by way of a Scheme of Arrangement under Part 26 of the Companies Act 2006)

The boards of directors of Scott Wilson Group plc ("Scott Wilson") and URS Corporation ("URS") are pleased to announce that they have reached agreement on the terms of a recommended increased cash offer (the "Increased Offer") to be made by Universe Bidco Limited, for the entire issued and to be issued share capital of Scott Wilson. It is anticipated that the Increased Offer will be implemented by way of a scheme of arrangement.

Under the terms of the Increased Offer, Scheme Shareholders will receive 290 pence in cash for each Scott Wilson Share, valuing the entire issued and to be issued share capital of Scott Wilson at approximately £223 million. An improved loan note alternative (the "Improved Loan Note Alternative") will also be made available, further details of which are set out in paragraph 2 below.

The terms of the Increased Offer are otherwise as set out in the announcement by Universe Bidco on 28 June 2010 (the "Original Offer Announcement").