Ti Fluid Systems Share Discussion Threads

[reddirish] 06/11/2024 07:11

Friday, I believe (Nov 8th)

[andplus] 05/11/2024 16:51

Any news on the ABC offer?

[frankiethecabbie] 01/11/2024 08:37

Tuesday will be the announcement day alongside with the third quarter update .

[schofi2] 14/10/2024 11:03

Grossly undervalued IMHO, but would accept £2 for a quick profit.
Bought these in at around current price 2019 and sold six months later on a 50% profit.
Bought in again 2022 around £!.62 expecting it to eventually reach £2.70.

(Sharecast News) - TI Fluid Systems said on Monday that it would be "minded to recommend" an improved takeover proposal from ABC Technologies at 200p a share, should a firm offer be made.
TI Fluid has already rejected offers of 165p a share, 188p a share and 195p a share.

The latest proposal, made on 10 October, represents a premium of about 53.4% to the closing share price on 21 August, which was the last business day prior to ABC Technologies submitting its first proposal to the group.

TI Fluid said: "The company remains confident in its strategy. However, having considered the proposal and having consulted with its financial and legal advisers, the board has confirmed to ABC Technologies that, should a firm offer be made pursuant to Rule 2.7 of the Code on the same financial terms as the proposal, it would be minded to recommend it to shareholders."

In order for ABC Technologies to conclude due diligence and finalise financing, TI Fluid Systems has asked the Takeover Panel to extend the 'put up or shut up' deadline. As a result, ABC now has until 8 November to either announce a firm intention to make an offer for TI Fluid Systems or walk away.

"There can be no certainty that a firm offer will ultimately be made for TI Fluid Systems by ABC Technologies," the company said, adding that a further announcement will be made as and when appropriate.

At 1105 BST, the shares were up 19.5% at 181.92p.

Jefferies, which rates TI Fluid at 'buy', said the updated offer is now in line with what it sees as a minimum acceptable offer price.

The bank said last month that it saw 200-245p as a "sensible" offer range, valuing the company in line with EU peers at the bottom end, and in line with EU & US peers at the top end. It said this range would be largely unchanged at current valuations.

"However, while auto industry conditions for FY24F/FY25F have since deteriorated further, we do see 200p as still undervaluing the company, given TIFS' favourable margin, growth & free cash flow profile/outlook relative to peers," it added.

[andplus] 14/10/2024 08:29

Gotta wait until the official offer which has a deadline 8 November 2024 5pm, for now patience or top up for an extra 10% upside

[umik1] 14/10/2024 08:28

https://www.proactiveinvestors.co.uk/companies/news/1058223/ti-fluid-revs-up-after-accepting-fifth-bid-from-private-equity-backed-abc-technologies-1058223.html

[hericsaba] 14/10/2024 08:02

Looks a bit uncertain, as a 10% jump still in the price. Arbitragers and day traders paradise...

[frankiethecabbie] 14/10/2024 07:48

With Bain holding 28% I imagine a 200p would be approved after they sold a big percentage for 1-35 earlier this year.

[frankiethecabbie] 12/10/2024 20:54

I would certainly expect it to open at £2

[hericsaba] 12/10/2024 20:18

Can we expect 20 or 30% jump on Monday 8am? I hope so, as the board said 200p should be reasonable price...

[frankiethecabbie] 12/10/2024 18:41

I would imagine this offer will be accepted so happy days

[hericsaba] 12/10/2024 08:18

ABC, which is backed by the alternative investment firm Apollo Global Management Inc., made the fresh offer recently, the people said, asking not to be identified because discussions are private.The offer is higher than the 176 pence (230 cents) per share proposal that was rejected by TI Fluid's board last month, but the improved price couldn't be immediately learned. It remains to be seen whether it will be enough to win the backing of TI Fluid or have it extend the deadline for negotiations.TI Fluid makes thermal and fluid systems solutions for vehicles and has a presence in 26 countries. Private equity firm Bain Capital LP is the largest shareholder and has been selling down its stake on the market, including at 135 pence a share in March.A representative for TI Fluid declined to comment, while a spokesperson for ABC couldn't be immediately reached for comment.In accordance with UK takeover rules, ABC has until 5 p.m. London time on Oct. 12 to either make a new offer of walk away from a potential deal.Shares in TI Fluid closed broadly flat in London on Friday at 152.2 pence, giving the Oxford, UK-based company a market value of about £756 million. The stock has risen 24% over the last 12 months.

[frankiethecabbie] 12/10/2024 06:15

Bloomberg) -- ABC Technologies Holdings Inc. has increased its offer to buy UK automotive components supplier TI Fluid Systems Plc ahead of a looming takeover deadline, according to people familiar with the matter.

[frankiethecabbie] 04/10/2024 19:13

Big trading going on but no movement on the share price Maybe next week is the big mover .

[eigthwonder] 16/9/2024 18:19

Not rocket science - just stating that their declared holding is split over two different funds. And no trades as it is simply a statement as to what their position is at the time of the bid, as per those other statements today.

[frankiethecabbie] 16/9/2024 17:27

Can anyone explain what the last RNS is all about with Atlantra

[reddirish] 15/9/2024 12:19

Wasn't Apollo the PE firm that led the John Wood board (and shareholders) a merry dance last year, trying to get it on the cheap, and then walking away when the board would not play ball?

[cool runnings] 15/9/2024 08:09

I would think they trade at 1.75, I think ABC will increase their offer to 195-200 to get a deal done

[frankiethecabbie] 15/9/2024 08:00

I imagine it's going to be a roller coaster ride tomorrow. I expect it to eventually open around 1-65

[cool runnings] 15/9/2024 06:34

LONDON, Sept. 14, 2024 /PRNewswire/ -- The Board of TI Fluid Systems notes the recent announcement by ABC Technologies Inc., a company majority-owned by investment funds managed by Apollo Management IX, L.P., regarding a possible offer for the Company.The Board confirms that on 4 September 2024, it received a second unsolicited, highly preliminary and non-binding all-cash proposal from ABC Technologies to acquire TI Fluid Systems at a price of 176 pence per TI Fluid Systems share (the "Proposal"). This followed a previous proposal at 165 pence per TI Fluid Systems share.The terms of the second proposal represent a premium of 20.7% to the closing share price of 145.8 pence on 13 September, prior to press speculation about a potential offer for the Company.The Board of TI Fluid Systems considered the Proposal in detail with its advisers and unanimously concluded that it significantly undervalued TI Fluid Systems and its prospects, and accordingly the Proposal was rejected early last week.The Board is confident in the strategy and prospects of the Company.The Board strongly urges shareholders to take no action at this time. A further announcement will be made if and when appropriate.

[parttime] 14/9/2024 18:27

Well if those shorts are closing it would be nice to think they're having to buy B.C. Omega's stock overhang to close with, if the deal comes to nothing then at least Omega will have cleared out more stock and we can crack on sooner. With regards the deal then £1.80 looks a tad cheap imo, looking at a basic eps/multiple valuation we should merit a p.e. of 10 and with earnings of 21p for this year alone would suggest £2.10 to be a 'fair' price for TIFS. It might be argued that debt is a tad on the high side but this looks well covered by cash and net assets. Stocko has an enterprise value for these of £2.45bn which I think would equate to a share price of around £2.90 or double the current £1.45

So yes, I'd agree with Frankie that we should be looking above the £2 mark.

[frankiethecabbie] 14/9/2024 09:47

Well hopefully they don't sell too cheaply , at least over £2

[cool runnings] 14/9/2024 09:07

It's a fact ! They will have to confirm Monday at 7 am

[frankiethecabbie] 14/9/2024 07:21

Only seems to be Sky reporting this but with the shorts closing there could be some truth in it .