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17-10-2018, 11:59 AM
#561
Originally Posted by steveb
Surely the only way Bluescope could go forward would be through a hostile takeover.They could hardly approach STU with $1.75cps as they have already rejected that price.If the 5c dividend is still on the cards,then Milford have not done very well out of this if there is no escalation clause.
So to me it looks like a blocking position,if FBU still want to do something they would now have to go to Bluescope,so win win for Bluescope.
Bluescope probably wanted to snap something up fast, Milford clearly wanted out fast.
Bluescope porbably now assessing their options before mounting any further moves, as is FBU (and, indeed STU!)
Intriguing, the takeover story is far from over it would appear!
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17-10-2018, 12:01 PM
#562
Originally Posted by Scrunch
If it's a blocking stake, why buy all Milfords stake and not just offer to buy 10.1%?
Because Milford may have said "all or nothing"! No lose situation for Milford, if called bluff and nothing, they the FBU play is still on table etc.
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17-10-2018, 12:50 PM
#563
Originally Posted by blackcap
Because Milford may have said "all or nothing"! No lose situation for Milford, if called bluff and nothing, they the FBU play is still on table etc.
Nice turn for Milford - bet you they are the one buying back now from the sellers at under $1.50
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17-10-2018, 01:08 PM
#564
Well..we all can say anything..but what for sure...the share is currently at least worth $1.75 until further announcement of earnings upgrade.....glad I top up a bit this morning.
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17-10-2018, 01:18 PM
#565
Originally Posted by King1212
Well..we all can say anything..but what for sure...the share is currently at least worth $1.75 until further announcement of earnings upgrade.....glad I top up a bit this morning.
Not necessarily, maybe it's just worth 1.75 to a competitor wanting to block FBU from taking it over. Anyone got any idea how likely it is a NZ steel takeover would get past comcom?
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17-10-2018, 01:45 PM
#566
https://www.nzherald.co.nz/business/...ectid=12143842
Institutions not happy with STU board for not negotiating with FBU.
FBU may now regret pulling its proposal/offer as it resulted in NZ Steel being able to snare the 17.5% at $1.75?
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17-10-2018, 02:06 PM
#567
I think the STU board are delusional. Their results in recent years have been very poor and their most recent result is truly appalling considering we're at the peak of the building cycle. Further, anyone that thinks their recent write-downs represent the full extent of all the skeletons in the closet is clearly extremely optimistic or simply naïve.
They were so desperate to raise new equity they had to issue it at a truly massive discount to vwap but 5 minutes later so too speak they're trying to say the shares are worth double that. Who are they trying to kid ? This dog keeping his snout pretty close to the ground is hearings murmurings from private construction companies that things are coming off the boil.
As for FBU, talk about the blind trying to lead the blind..their truly appalling track record of trying to achieve synergies and their own appalling track record of massive write-downs and false claims of all dirty laundry now being clean are far too keen to write a big cheque before they've even got one for the divisions they're trying to sell to fix up past gross mistakes. I think the FBU board need to be far more conservative before they start playing Russian Roulette with hundreds of millions more of shareholders funds that represents money that's not even in the bank yet.
Which is the uglier cousin lol.
Last edited by Beagle; 17-10-2018 at 02:11 PM.
Ecclesiastes 11:2: “Divide your portion to seven, or even to eight, for you do not know what misfortune may occur on the earth.”
Ben Graham - In the short run the market is a voting machine but in the long run the market is a weighing machine
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17-10-2018, 02:13 PM
#568
C'mon FBU it's been ages now since we've had a counter or better offer.........$2.10 and I suggest the deals as good as done. Gotta be a bargain. Any day now I reckon......by the end of the month for sure.??
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17-10-2018, 02:28 PM
#569
I would suggest FBU are dead in the water with this one.they had their chance,if you look at the $1.95 offer they certainly would have picked up the Milford shares.If it had been me I would have had Milford locked up a long time ago,and gone to the STU board with strength.So no FBU have shown yet again that they don't have a clue what they are doing.
Unless of course they had a tip of about problems with the com com boys!
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17-10-2018, 03:05 PM
#570
Originally Posted by Beagle
... (keep quiet in the cheap seats snow leopard, I'm not asking you).
Might be better if you keep quiet ?
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