STU - Steel & Tube Holdings

[Filthy]

What seems really strange to me is that STU has not informed the market that FBU has withdrawn its offer. That should have come out at the same time, as it would be material one would think. Or did FBU not even inform the STU board that it had withdrawn its offer? WOW!

maybe they are still out to lunch...

[Balance]

What seems really strange to me is that STU has not informed the market that FBU has withdrawn its offer. That should have come out at the same time, as it would be material one would think. Or did FBU not even inform the STU board that it had withdrawn its offer? WOW!

It has gotten antagonistic.

[Scrunch]

Might go the hostile way and let shareholders decide

Agree. FBU have withdrawn a proposal for a scheme of arrangement that was dead in the water anyway as it needed the endorsement of the STU board. If Fletcher walked away from any potential takeover when the targets management/board said they didn't like the offer they would never have become the conglomerate they are.

[boysy]

Still nothing that’s a decent long lunch those STU boys and girls are having. What a shambles so they managed to infuriate FBU from 8-30am then FBU pull the pin over 2 hours ago and not a peep from STU ...

[Snow Leopard]

Gosh. This is more dramatic than Shortland Street !!


Disc: I have never watched Shortland Street

[Jantar]

Still nothing that’s a decent long lunch those STU boys and girls are having. What a shambles so they managed to infuriate FBU from 8-30am then FBU pull the pin over 2 hours ago and not a peep from STU ...

Does it really matter that FBU have withdrawn the offer? STU board had already rejected it, so it wasn't a happening thing anyway. What it does mean is that both STU and FBU boards agree that that the STU shares are worth at least $1.95.

[trader_jackson]

Over 20 minutes later and STU still haven't announced anything...

They giving FBU a call apologising for there arrogance and begging them for a deal at $2.10?

I find it extraordinary that the share price is still about 20% higher than it was 3 weeks ago, all simply and only due to speculation on a potential (far from done deal!) takeover offer from only 1 company.

I know it, you know it, we know it that management have told us for months the share price is worth north of $2, and nobody believed it just over 3 weeks ago! So for FBU (a company who has a track record of overpaying) to maybe offer up to $1.95 doesn't mean that much to me, unless they follow through of course.

Not too keen to pay 20% premium for something to maybe happen, however, things are quiet... too quiet.

[winner69]

At least not many punters got sucked in first thing this morning

[winner69]

Does it really matter that FBU have withdrawn the offer? STU board had already rejected it, so it wasn't a happening thing anyway. What it does mean is that both STU and FBU boards agree that that the STU shares are worth at least $1.95.

STU say FNZC reckon it could be worth as much as $2.35 (plus synergies)

Plenty of dreamers in this world eh

[Beagle]

STU say FNZC reckon it could be worth as much as $2.35 (plus synergies)

Plenty of dreamers in this world eh

Yeap it crossed my mind to have a punt and I am really pleased I decided that this pedigree dog does not play with mutts. My investment mantra has saved me again "No if's and no but's, hold no mutts"
The same FCNZ that reckon FBU shares are worth $9 lol. The market is saying there's a VERY long road ahead for both companies to build their credibility back to some sort of reasonable level and I think the market in both cases is spot on ! One ugly sister taking over another one doesn't necessarily make a case of one plus one equals three. Some of FBU's previous attempts to extract synergies have been abysmal failures so now they have to sell them off because they can't manage them properly...but they're in a hurry to make another acquisition even before they've divested themselves of past failures...go figure.