Rival bid for Hanover - who is it?

[Anna Naum]

Can not see one of the mainstreet banks bidding so who?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10611478

[Anna Naum]

Can not see one of the mainstreet banks bidding so who?

http://www.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=10611478

Given the following quote from the article:

However, a market source told the Business Herald they were assisting another entity preparing a separate proposal, "which involves a superior capital structure and probably superior outcome".

I guess that means it is not a listed name or am I just kidding myself that a 'market source' would not provide inside information to the Herald....and that the Herald would be party to such an action?

[Xerof]

I'd say any one of the other major finance coys still standing, and my pick would be SCF. I mulled Marac, but they have declared they do not want to touch property again......

"seeing investors right for a very long time" also rings as an ol' mother H view of his world

could be totally astray but hung the gonads out.........

[da puntzda]

maybe gpg?

[Anna Naum]

maybe gpg?

Does tick the boxes and another zillion shares makes no difference.

[Xerof]

Yes, you could be on to it with GPG - hadn't thought of them but the catchphrase I mentioned would apply, at least until recently...

[Anna Naum]

Yes, you could be on to it with GPG - hadn't thought of them but the catchphrase I mentioned would apply, at least until recently...

Given that an investment banker is talking to the Herald about it, I would have thought the Herald has an obligation to disclose all or the market would not be fully informed and any listed stock would have to come clean before the market opened today.....yeah right

[Doyle]

I'm thinking SCF and this will form part of them listing on the stock exchange. SCF needs a capital restructure anyway and this could prove an exciting way of doing it. Its the words " Doing right by investors" that seem to point towards them to me. Theres very few finance companies left that could claim that. Marac finance is another outsider, George Kerr insisted he was really ambitous and this is an ambitious deal. Given the two are related parites, maybe a back door listing for SCF into PGC combining with Hanover and the three of them looking to become a bank?

Now that would be exciting.

[macduffy]

Given that an investment banker is talking to the Herald about it, I would have thought the Herald has an obligation to disclose all or the market would not be fully informed and any listed stock would have to come clean before the market opened today.....yeah right

Well, at most it's only a possible proposal at this stage, so not much more than a rumour. The Herald doesn't have an obligation here but the companies involved do, once it becomes something more than mere speculation.

[Anna Naum]

Well, at most it's only a possible proposal at this stage, so not much more than a rumour. The Herald doesn't have an obligation here but the companies involved do, once it becomes something more than mere speculation.

May be a point of law, but I thought that if a party is aware of information that is not public, then it is an insider to that information. Agree given this would be $400m odd deal difficult to see how that is not material to many and therefore the stock should be suspended or the market made aware a deal is possible. After all the Investment Banker said deal was 'imminent'

[macduffy]

May be a point of law, but I thought that if a party is aware of information that is not public, then it is an insider to that information. Agree given this would be $400m odd deal difficult to see how that is not material to many and therefore the stock should be suspended or the market made aware a deal is possible. After all the Investment Banker said deal was 'imminent'

There's no problem with having insider information.

Acting on it is, of course, another matter.

;)

I see that that particular "deal" has now fallen over.

[Balance]

There's no problem with having insider information.

Acting on it is, of course, another matter.

;)

I see that that particular "deal" has now fallen over.

Where did you read deal has fallen over?

[winner69]

Its not SCF or anybody else ..... it must be Hell Pizza and the bill boards are jsut an appetiser

Then again with a shareprice of 30 cents Burger Fuel might be able to do a deal

[macduffy]

Where did you read deal has fallen over?

Correction, with apologies.

The NZ Herald reports that Hanover are unaware of any other deal. Can't be certain, but fairly sure that I heard on National Radio early this evening that a rival deal had been withdrawn, or words to that effect.

Happy to be corrected.

[Arbitrage]

GPG is looking, according to stuff.co.nz

[Jaa]

GPG via Tower perhaps?

Tower certainly have the years of history/pedigree the article alluded to and they raised $70m a few months ago for no apparent reason other than "future opportunities".

Big jump in TWR's share price on open this morning as well which makes me suspicious.

EDIT: TWR share price jump caused by increase in profits and that they are paying dividends again.