Could be Christmas Eve, W69.
High stakes negotiation taking place and according to AFR article I was reading this morning, many an investment banker has had his/her Christmas hols cancelled or postponed due to need to get deals done!
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I agree as they say a good deal is a fast deal ...and we are lead to believe that this was a ‘credible’ offer.
You’d think the big boys would want the guts of the deal out of the way soon and tell us ....and let the minions work over the break doing the donkey work and putting together the screeds of documents needed
While we wait I will add my 2 cents on the appointment of Jarden and costs involved.
No way this would have been referred to Jarden's investment banking team if there wasn't a good chance the deal could be done.
Under the takeovers code I would think the costs of Jarden's appointment would have to be met by the interested credible bidder and the costs (given this has been worked on by working groups, plural, would be quite significant).
Jarden without question the right team to work on this and are widely regarded by institutional investors as the best deal makers in the business.
I would think its likely the potential acquirer would want to do thorough due diligence on weathertightness so that's a real chance on what is delaying this.
I would expect some impatient punters might spit the dummy if this deal isn't done by Christmas, I won't be one of them as I believe at around the current price of $6 there is compelling value in the stock regardless of the outcome. I have bought the right amount so I am happy to invest long term regardless of the outcome.
MET is not a Mickey Mouse company (market cap of over $1 billion with a credible board) so I would say the offer is definitely a credible one - means party is credible and indicative offer (price) is acceptable for directors to allow due diligence & negotiations to take place.
Possibility exists that the board may be asking too much beyond NAV.
I think that's likely to be bang on the money. I did hear a whisper from someone who works for Jarden that the deal has to start with a "7" which is what I have been saying all along. I don't think eight dollars something is justifiable and likewise, six dollars something isn't enough.
I remain of the view the longer this goes on, the more likely a deal will happen.
The only deal I have been involved with as a Trustee involving tens of millions took 6 weeks to negotiate. This obviously involves a lot more money than that one.
The main purpose of this post is to encourage people to be patient.
This is dream situ for traders.Theyve had plenty of time to load up and now feed them into the mkt making a quick good profit at no risk.