MET - Metlifecare - one for the fundies?

[Marilyn Munroe]

So if EQT are buying on market currently then the more shares they buy around current price the less they have to pay $7 for, very cunning.

Wouldn't a bidder in a scheme of arrangement have to do a standstill agreement while the scheme was being considered?

Boop boop de do
Marilyn

[Beagle]

Wouldn't a bidder in a scheme of arrangement have to do a standstill agreement while the scheme was being considered?

Boop boop de do
Marilyn

I haven't felt inclined to dissect the paperwork in great detail, (as I am genuinely hoping for a better offer so I don't have to read the odious terms of this one), but I would think there's a very high chance you'd be right. My nose for a feed tells me January could be a very interesting month for MET, (another 1% of all shares, about 2% of the free float changed hands today on top of the ~ 4% of free float yesterday. Hmmmm

[dreamcatcher]

Completely out excellent and profitable 1yr hold........

[JohnnyTheHorse]

For clarity on Scheme of Arrangement acceptance levels:

A scheme must be approved by resolution of a majority of 75% or more of the votes of theshareholders in each interest class entitled to vote and voting on the question. If, for example, onegroup of shareholders was going to receive different consideration for their shares, then they wouldlikely be a separate interest class. The resolution must also be approved by a simple majority of all of the company’s votingrights. This means that the number of valid votes cast approving the scheme must equate to morethan 50% of the Code company’s total voting rights.

[Brain]

So the Scheme of arrangement gets around the 90% required for a normal takeover situation which I guess minimises the likely cost to EQT for a complete takeover and subsequent delisting. The shareholders have their board to thank for taking away their voting power. Well done board.

It would be very interesting to see the minutes of the board meetings. Is it possible for shareholders to view the minutes when a company is delisted? Are the minutes of board meetings ever available to shareholders?

[winner69]

So the Scheme of arrangement gets around the 90% required for a normal takeover situation which I guess minimises the likely cost to EQT for a complete takeover and subsequent delisting. The shareholders have their board to thank for taking away their voting power. Well done board.

It would be very interesting to see the minutes of the board meetings. Is it possible for shareholders to view the minutes when a company is delisted? Are the minutes of board meetings ever available to shareholders?

You still get to vote Brain ...your vote might even count

Things are lot ‘tidier’ under a Scheme rather than messy hostile takeovers.

[macduffy]

You still get to vote Brain ...your vote might even count

Things are lot ‘tidier’ under a Scheme rather than messy hostile takeovers.

Yes, I wouldn't be too tough on the directors of MET. Schemes of Arrangement are the "modern" way of making takeovers these days - not some invention of the MET board.

[JohnnyTheHorse]

Has anyone heard whispers of who's buying? Is it just large fundies looking to scalp the 15-20 cents or has EQT or another party started buying on market?

[couta1]

Has anyone heard whispers of who's buying? Is it just large fundies looking to scalp the 15-20 cents or has EQT or another party started buying on market?

EQT I reckon, I mean would large fundies be interested in scalping this?

[Beagle]

EQT I reckon, I mean would large fundies be interested in scalping this?

Could just as easily be one of the other interested parties building a foothold before launching a higher takeover offer.