TBI do a 180!
Thread Starter
Join Date: Apr 2001
Location: A Virtual World!
Posts: 451
Likes: 0
Received 0 Likes
on
0 Posts
TBI do a 180!
Today's FT reports that TBI have turned the tables on French Group Vinci by recommending to shareholders that they accept the £517M bid the TBI Board had previously described as "wholly inadequate".
The move is seen as a result of the dive in TBI's share price to as low at 65p, although shares finished at 79.25p last night, but still below the offer price of 90p.
Vinci "winning" is not however a foregone conclusion, as a precondition of the Vinci bid is that 90% of TBI shareholders accept the offer.
The "fat lady has not yet sung" but the prospect of the Marshallers at Luton, Belfast Int and Cardiff wearing onions around their necks becomes more likely!
[ 21 September 2001: Message edited by: OLNEY 1 BRAVO ]
The move is seen as a result of the dive in TBI's share price to as low at 65p, although shares finished at 79.25p last night, but still below the offer price of 90p.
Vinci "winning" is not however a foregone conclusion, as a precondition of the Vinci bid is that 90% of TBI shareholders accept the offer.
The "fat lady has not yet sung" but the prospect of the Marshallers at Luton, Belfast Int and Cardiff wearing onions around their necks becomes more likely!
[ 21 September 2001: Message edited by: OLNEY 1 BRAVO ]
Thread Starter
Join Date: Apr 2001
Location: A Virtual World!
Posts: 451
Likes: 0
Received 0 Likes
on
0 Posts
Today's FT confirms that Vinci has abandoned its bid for TBI, as less than the required 90% of shareholders accepted the 90p a share cash offer by the closing date on Monday.
The FT also claims that the TBI Board is under fire for leaving it too late to alter its previous rejection of the bid to a recommendation to shareholders to accept the Vinci terms.
The change of heart only came about on Thursday afternoon and it is perceived that this was too late for some shareholders to accept the Vinci offer.
With the shares now standing at 45p last night will another bidder now appear? Vinci can not mount another hostile bid for 12 months under the rules of the Take Over Panel, although an agreed bid would be allowed.
I'm sure Warwick Hunt will be pleased to know that the Marshallers at Luton have cancelled their order for onions and striped tee shirts!!
The FT also claims that the TBI Board is under fire for leaving it too late to alter its previous rejection of the bid to a recommendation to shareholders to accept the Vinci terms.
The change of heart only came about on Thursday afternoon and it is perceived that this was too late for some shareholders to accept the Vinci offer.
With the shares now standing at 45p last night will another bidder now appear? Vinci can not mount another hostile bid for 12 months under the rules of the Take Over Panel, although an agreed bid would be allowed.
I'm sure Warwick Hunt will be pleased to know that the Marshallers at Luton have cancelled their order for onions and striped tee shirts!!
Paxing All Over The World
Today's Independent (London) reports that Dermot Desmond, the Irish entrepreneur, who owns London City Airport (LCY) emerged as a potential suitor for TBI after Vinci walked away from their bid.
Desmond incresed his company's (Crossbill) stake in TBI to 5%. Vinci have said that they "have no current intention" of selling the 14.9% in TBI that they built up during the bid.
Desmond incresed his company's (Crossbill) stake in TBI to 5%. Vinci have said that they "have no current intention" of selling the 14.9% in TBI that they built up during the bid.
