Tritax Eurobox Share Discussion Threads

[loglorry1] 24/8/2024 10:26

Garbetlkb, that is standard stuff. They only need to name a bidder if they are outed by the media somewhere and that has to be credible. It can't just be someone here posting about it. Brookfield are a proper outfit they will just work out what they want to pay and bid accordingly. There's nothing to be gained by spreading such a rumour for them.

[garbetklb] 24/8/2024 09:56

The wording, which was in the last PUSU announcement too :

As set out on 1 July 2024, the Takeover Panel has granted a dispensation from the requirement of Rule 2.4(b) of the Code such that the Company is not required to identify any potential offeror whose existence it has referred to unless that potential offeror has been specifically identified in any rumour or speculation.

...looks a bit odd to me & I've not seen before. Presumably eg Brookfield could start / find a rumour about likely suspects to try to have them disclosed. Sounds a bit as if Tritax are talking to someone v left-field or, possibly, to nobody?

[loglorry1] 24/8/2024 08:08

wc104 the last RNS was pretty much the same wording so I don't think we can read too much more into the idea that Brookfield are facing a lot of competition and will have to pay a large premium. My view, and I'm no expert, is these things just take time and lawyers are never in much of a hurry when they are on the clock.

Equals went, and is still going on, for ages. I'm more optimistic with EBOX but I'm also hopeful of EQLS getting their 135p over the line after about 10 months of extensions.

[williamcooper104] 23/8/2024 21:24

Like the "a number of parties" and then "extended for Brookfield" So a number of parties expressed interest but they are now only in bed with Brookfield Fortunate that the wider macro looks supportive; so no need to do a deal at any price

[loglorry1] 23/8/2024 20:49

The company has to ask for an extension but they would not do so if there was no likely chance of a bid. I guess nothing much gets done in M&A during the summer. They are all quaffing wine in Tuscany.

[my retirement fund] 23/8/2024 16:20

I think its just at the companies request. I can see this falling back to 60p as September comes along.

[nickrl] 23/8/2024 15:49

Presumably takeover panel only consent to an extension when there is a tangible offer likely?

[cwa1] 23/8/2024 15:31

Yawn....



The Board remains in discussions with a number of parties from whom it has received and/or solicited expressions of interest regarding a possible offer for the Company, including Brookfield.



In accordance with Rule 2.6(c) of the Code, the Board has requested, and the Takeover Panel has consented to, a further extension of the PUSU Deadline for Brookfield to 5.00 pm (London time) on 23 September 2024. This deadline can be extended by the Board with the consent of the Takeover Panel.

[hpcg] 23/8/2024 14:07

Yeah, ignore the not. I was probably going to write "not an unreasonable assumption" but then changed it to something a bit more cautious.

[makinbuks] 23/8/2024 10:12

I think you're right and I agree with him. People are invested here for a reason and being taken out doesn't advance that. Takeovers are great if either there's a significant premium or the chance to rollover and share in the future upside. A bid from Brookfield is going to offer neither. Patience is required and the interest rate cycle will repair the capital damage. I'm also disappointed they are not looking more creatively at ASLI given that we all assumed a merger would happen at some future point. Now is the time to double down, not sell out

[garbetklb] 23/8/2024 09:25

Hi hpcg - am I being dim, because your post looks more logical without the "not"....?

[hpcg] 23/8/2024 09:00

The bid is starting to get a little immaterial. With a rate cutting cycle underway and the ECB acting independently from the Fed the path to a refinancing that is able to maintain the dividend, if uncovered for a period, looks not within the balance of probability. The current yield is attractive relative to risk free rates. So sure there would be a downside on no bid as traders exit, but that would be a short term blip, and the destination, excluding dividends, somewhat north of here, perhaps at 6%.

[williamcooper104] 22/8/2024 13:00

The tax is likely to be complicated given it's not a REIT and will have relatively complicated structures in each jurisdiction They'll of course get no reps/warranties that they'll be able to do anything with; but that's the price of getting a bunch of assets in one go at a discount The board may have erred by allowing DD as opposed to pushing the it's a PLC there's no dd, buy as seen line But that's a hard judgement call

[spectoacc] 22/8/2024 12:35

Taking longer than I expected.

[lord gnome] 22/8/2024 10:52

Only if it's another extension.

[wskill] 22/8/2024 10:23

Unfortunately I don't think we will its a hedge fund and they will make it last for as long as possible, happy at least we get a decent dividend so its costing Brookfield.

[betman] 22/8/2024 09:30

The latest deadline for Brookfield is 26th August 5pm. As this is a UK Bank holiday will we hear by tomorrow Friday ??

[hpcg] 08/8/2024 13:20

yeah sorry, 40bps not 400, for fairly obvious reasons.

[chucko1] 08/8/2024 12:27

Should that 400bps not read 40bps?

[spoole5] 08/8/2024 10:42

Another divi while we wait

[feuille] 05/8/2024 16:45

Of course you did.

[williamcooper104] 05/8/2024 16:41

If it's only Brookfield in the running then there will likely be a chip FWIS - I put back on another 10% today

[hpcg] 05/8/2024 15:28

Why? Euro 5 year yields are about 40bps down since the start of July and are about where they were at the beginning of the year. The company is more valuable now than at the start of the process.

Edit - corrected 400bp to 40.