MPG - Metro Glass

[Balance]

Takeover offer coming up by the look of it, 60c would be cheap given it’s currently trading at a PE of 4 five or take.
New large competitor building in the Waikato not sure who but acknowledged by MPG
any calls on a T/O between 60c - 80c

Well, place your bets - we will find out who bought the 10% MPG yesterday and whether it will follow through into a takeover of the whole company.

Been a while since we have seen a hostile takeover in NZ so if it's FBU, bring it on!

[Arbroath]

Well, place your bets - we will find out who bought the 10% MPG yesterday and whether it will follow through into a takeover of the whole company.

Been a while since we have seen a hostile takeover in NZ so if it's FBU, bring it on!

Bain Capital - same outfit that bought 20% of Tower at 80c

[whatsup]

Goodie, some disciplined interest.

[mfd]

Bain Capital - same outfit that bought 20% of Tower at 80c

Specifically, by their 'distressed and special situations' entity. Buying the companies no one else wants?

[whatsup]

With Bains yesterdays buying are they still buying again today ?

[alex f]

How did that work out for Bain? (Tower shares)

[Arbroath]

Well, place your bets - we will find out who bought the 10% MPG yesterday and whether it will follow through into a takeover of the whole company.

Been a while since we have seen a hostile takeover in NZ so if it's FBU, bring it on!

Crescent Capital that used to own Metro have bought the Viridian assets from CSR for A$155m. Viridian the past 2 years has had ebitda of A$20.3m in 2017 and A$18.1m in 2018 so the price is 8.0x EV/evitda based on the last 2 years operating earnings.

If we applied that valuation to Metro it would $1.25 per share ($41m ebitda x 8.0 less $95m debt)

At $0.44 Metro must be being looked at by FBU, probably APL, maybe Bain. Apply a discount for the market uncertainty and at 75c+ they are a steal, especially for APL (not sure they have the capacity) or FBU...

[Balance]

Bain Capital - same outfit that bought 20% of Tower at 80c

Bain Capital positioning itself (in an undervalued company - by its assessment) to be kingmaker in event of Takeover by someone like FBU.

[Balance]

How did that work out for Bain? (Tower shares)

Bain Capital is a big time special situation player with billions of dollars of capital at its disposal.

Example of how well they do :

https://www.afr.com/street-talk/myob...0181007-h16c1c

Bain bought MYOB for $1.2 billion in 2011.

Now selling rest of its stake to KKR for $2.0 billion.

[bull....]

bain capital - Our Distressed and Special Situations strategy’s breadth and flexible capital enable our funds to participate in a differentiated, global set of investment opportunities, including single-name corporate debt, capital solutions and rescue financings, and non-performing loan (“NPL”) portfolios.

hope its not positioning for rescue financing