MET - Metlifecare - one for the fundies?

[macduffy]

You should and deserve to get $8 plus for your shares in my opinion.

I don't think "deserve" is recognised as a valid concept in investment land.

[Beagle]

14 times the average daily volume yesterday.

[Balance]

14 times the average daily volume yesterday.

Suspect we will find it is a 'friendly' institution accumulating for EQT.

[winner69]

Suspect we will find it is a 'friendly' institution accumulating for EQT.

Probably is ..bugger

Revised my ‘expected return’ down to 720. .....still 33 cents gain not too bad on the ones I bought back ...but heaps to realise yet on the ones I kept.

[Preston]

Suspect we will find it is a 'friendly' institution accumulating for EQT.

Can I ask a questions here.

massive selling volume as you say, price continues to hold or increase. I was thinking to myself just who is buying these millions in shares. Wonder how far from disclosure they might be.

would EQT be gaining here by keeping price around the takeover bid/slightly less and therefore not have to fork out as much for the rest of the shares at $7 ?

And secondly if the deal falls over, then they probably know that they are still undervalued and can make some good gain?

thanks for the thoughts


I do own this company.

[macduffy]

It's quite normal to see high turnover in a "pending" takeover situation. On the one hand there are the "bird in the hand" holders who sell to secure the profit - or to mitigate the loss - and there are those who will buy into a fluid market in the hope of a contested bidding war. I wouldn't be drawing any conclusions on the outcome here, at this stage, although my inclination has always been to buy into a contest!

Disc: Holding.

[Beagle]

8.5 million shares changed hands today which I believe is the highest daily turnover since this process began. 4% of the company's shares, about 8% of the free float in just one day and a VWAP very close to $6.89. Surely we will see a SSH notice showing who is buying in the next few days ?

[Brain]

And secondly if the deal falls over, then they probably know that they are still undervalued and can make some good gain?


I do own this company.

If the deal falls over we still have the same di*kheads running the company so that will be factored in so you can expect the share price to drop.

[limmy]

The deal is extremely unlikely to fall over, because the buyers are paying a rock bottom price (which equates to the value of the NTA). I'm afraid it's looking like a done deal, unless the valuation report exceeds $7 or some other buyer gives a better bid.

I would have thought that since MET owns lots of prime land around the main cities in NZ, the buyer should be prepared to pay a premium, on top of the NTA, (let alone the goodwill.... etc. )

One can't help but feel that the board hasn't tried hard enough in the negotiations, especially when on the 20th Nov announcement, a figure of up to $8 was mentioned, when they rejected the $6.50 offer.

[JohnnyTheHorse]

8.5 million shares changed hands today which I believe is the highest daily turnover since this process began. 4% of the company's shares, about 8% of the free float in just one day and a VWAP very close to $6.89. Surely we will see a SSH notice showing who is buying in the next few days ?

Around 20% of total issued shares have been traded so far and we are yet to see a buying SSH. Suspect a few funds buying up for the scalp and EQT accumulating too. Doubt there's any more to it.