Takeover Targets

[skc]

The DSH rumour is looking increasingly likely now I would say.

DSH 2016 NPAT $37-43M, market cap $200M, PE 5
JBH market cap $1800M, PE 13, hmmm....

Don't know. There's a good article on the DSH thread. https://www.aussiestockforums.com/forums/showthread.php?t=27686&page=2&p=888062#post888062

I wonder who would take DSH over? A private equity buyer will have a lot of trouble with their exit... No investment manager will buy it again as the name is tainted forever. A trade buyer is not impossible... but there would be a lot of overlap between say JBH's coverage and DSH's. You don't want 2 stores in the same shopping centre. The unlisted players (e.g. The Good Guys) I just don't know they'd be big enough.

Now... I would say WOW's takeover potential has increased.

P.S. Love to hear some thoughts on AIO/QUB situation (in the AIO thread).

 

[VSntchr]

Robusta's chosen online property play has hit the headlines this morning!
REA to take IPP with a $4.00 share offer or $1.20 share + cash offer.

 

[skc]

Robusta's chosen online property play has hit the headlines this morning!
REA to take IPP with a $4.00 share offer or $1.20 share + cash offer.

Got some ICQ on open

 

[skc]

List update. [BOLD] = new since last update (on 23 Oct)

Energy
OSH / WPL, STO, DLS/BPT
Materials
ATE, , UNV, AQP, PXG/EVN, CKA, ABY/MLX, ORS/AYC
Telco
MTU / VOC
Mining services
COF, CDD, BKN
Properties
LEP
IT
UXC, VED, HUB, IPP/REA
Retail
PGR
Other Industrials
AFJ / GEM, ISU, VEI, AIO, REC

Removed
Completed: ANI/TIX, SKE/PRG
Withdrawn: AJQ (accepted alternate placement offer)

Rumours only
RKN

Other notes
- IPP / REA was logical and you wonder how long before CAR moves on ICQ.
- ACCC was prominent ruling on REC and MTU/VOC.
- AIO's situation is getting very interesting and looks like it might get carved up beyond recognition.
- Due diligence on UXC should end early next week.
- PXG accepted EVN's offer with 0.75c sweetener. It was going to get swallowed anyway.
- CDD accepted a slightly sweetened 50% proportional offer.
- ISU now trading lower than the price before the receipt of a proposal. Is the market pricing that there'd be negative premium and dirt would be uncovered by the would-be bidder?

If I have missed anything please add to the list.

 

[So_Cynical]

Drawing a longbow but i reckon that Dourado Resources (DUO) will be a target at some point in time, maybe years, assuming that the following all works out as expected.

• Zyber reverse takeover goes ahead without a hitch
• Clay Epstein is happy to stick around and does a good job
• The software delivers as expected
• Takes market share from dropbox etc

Then it will only be a matter of time before one of the big guns comes along with a suitcase full of money.

 

[skc]

List update. [BOLD] = new since last update (on 6 Nov)

Energy
OSH / WPL, STO, DLS/BPT
Materials
UNV, AQP, PXG/EVN, CKA, ABY/MLX, ORS/AYC, GCR
Telco
MTU / VOC
Mining services
COF, CDD, BKN
IT
UXC, VED, IPP/REA
Properties
DVN/CIM
Financials
OFX

Other Industrials
AFJ, ISU, AIO/QUB, REC, TTS/TAH

Removed
Completed: VEI, ATE
Withdrawn: LEP, PGR, HUB

Rumours only
RKN

Other notes
- QUB gets to do due diligence on AIO.
- Due diligence on UXC extended... market didn't like it.
- ISU trading update was poor (the dirt is still coming out)... thankfully they leaned on the prospect of a takeover and it's share didn't fall into a heap. Watch out below if there is no deal.
- TTS/TAH. A merger of equal deal was sought but couldn't be finalised due to recent TAH share price weakness. I have always gone on the basis of TTS being the acquirer and TAH being the target. If TAH has been weak... may be TTS can flip the table and bid for TAH?!
- DVN - CIM (the old Leightons) tried to sell it's 49% DVN holding earlier this year without success... then decided to acquire the remaining stake after DVN's profit warning. Whatever!

If I have missed anything please add to the list.

 

[skc]

List update. [BOLD] = new since last update (on 20 Nov)

Energy
OSH / WPL, DLS/BPT
Materials
UNV, AQP, PXG/EVN, CKA, ABY/MLX, ORS/AYC, GCR, UML
Telco
MTU / VOC
Mining services
COF, CDD, BKN, BRS
IT
UXC, VED, IPP/REA
Properties
DVN/CIM, IOF/DXS
Financials
OFX
Other Industrials
AIO/QUB, REC, TTS/TAH

Removed
Completed: AFJ
Withdrawn: STO, ISU

Rumours only
RKN

Other notes
- ISU no deal reached as expected.

If I have missed anything please add to the list.

 

[skc]

List update. [BOLD] = new since last update (on 7 Dec)

Energy
DLS/BPT
Materials
UNV, AQP, CKA, ABY/MLX, ORS/AYC, GCR, UML
Telco
MTU / VOC
Mining services
COF, BKN, BRS
IT
UXC, VED, IPP/REA, OTH
Properties
DVN/CIM, IOF/DXS
Financials
OFX
Other Industrials
AIO/QUB, REC, TTS/TAH, RIS/MVT

Removed
Completed: PXG/EVN (compulsory stage now), CDD
Withdrawn: OSH/WPL

Rumours only
RKN

If I have missed anything please add to the list.

 

[skc]

Rumours only
RKN

Should add that RKN rumour has died down a little, while GXL rumour seems quite real with stock raids and all.

 

[peter2]

Major shareholder CIM offers to buy SDM at 1.07/s.

 

[skc]

Hmm... Having updated this list for some time.

List update. [BOLD] = new since last update (on 24 Dec)

Energy
DLS/BPT
Materials
AQP, CKA, ABY/MLX, UML
Mining services
BRS, SDM/CIM
IT
OTH
Properties
DVN/CIM, IOF/DXS
Other Industrials
AIO/QUB, REC, RIS/MVT, CKL

Removed
Completed: MTU/VOC, COF, UNX, IPP/REA, VED, ORS/AYC, GCR (offer closed @ 76.46%), , RIS/MVT (offer closed)
Withdrawn: OFX (no firm offer), BKN (no real updates), UNV (expired with minimal acceptance)

Rumours only
RKN, TTS/TAH, CWN

If I have missed anything please add to the list (I have a feeling I missed something...).

 

[skc]

List update. [BOLD] = new since last update (on 15 Feb)


Materials
AQP, CKA, ABY/MLX, UML, WTR (Actually annoucned 18 Jan)
Mining services
BRS, SDM/CIM
IT
OTH (New offer)
Properties
DVN/CIM, IOF/DXS
Other Industrials
AIO/QUB, REC, CKL, EPX/APA, NPX

Removed
Completed: DLS/BPT
Withdrawn: RIS/MVT [Offer closed]

Rumours only
SRF - Not a real bid yet, but the CEO has quit to team up with private equity to potentially launch a bid... The optics are not good!

If I have missed anything please add to the list

 

[skc]

List update. [BOLD] = new since last update (on 11 Mar)

Materials
AQP, CKA, ABY/MLX, UML, WTR(Actually annoucned 18 Jan), FMS
Mining services
BRS
IT
OTH (New offer)
Properties
DVN/CIM, IOF/DXS
Other Industrials
AIO/QUB, REC, CKL, EPX/APA, NPX

Removed
Completed: SDM/CIM
Withdrawn:

Rumours only
SRF, PRY - Chinese entity appeared as substantial holder.

If I have missed anything please add to the list.

 

[skc]

List update. [BOLD] = new since last update (on 11 Mar)

Materials
CKA, ABY/MLX, UML (new offer), WTR, FMS
Mining services
BRS, BKN (re-cap)
IT
OTH
Properties
DVN/CIM
Other Industrials
AIO/QUB, EPX/APA, NPX, FGI

Removed
Completed: AQP, REC, CKL
Withdrawn: DVN/CIM (Expired), IOF/DXS (voted down)

Rumours only
PRY - Chinese entity appeared as substantial holder.

If I have missed anything please add to the list.

 

[skc]

List update. [BOLD] = new since last update (on 22 Apr)

Materials
ABY/MLX, UML (new offer), WTR, FMS, AWE (80c offer rejected)
Mining services
BRS, BKN (re-cap), AAX (Indicative non-binding proposal)
IT
OTH
Properties
GMF/GOZ
Other Industrials
AIO/QUB, NPX, PBG

Removed
Completed: EPX/APA (compulsory acquisition), FGI (compulsory acquisition)
Withdrawn: CKA (not sure what's going on with this one)

Rumours only
SAI, SRF

If I have missed anything please add to the list.

 

[skc]

List update. [BOLD] = new since last update (on 18 May)

Materials
ABY/MLX, WTR, FMS, GRY/TGZ, ATA
Mining services
AAX, ALQ (Offer $5.30 rejected)
IT
OTH
Properties
GMF/GOZ (Bidding war between GOZ and CMA), PAY
Financials
OVH/DVA
Other Industrials
AIO/QUB, NPX, PFL (Scheme offer @ $1.65)

Removed
Completed: UML, BRS, PBG
Withdrawn: AWE (Offer rejected), BKN (re-cap done)

Rumours only


If I have missed anything please add to the list.

 

[VSntchr]

List update. [BOLD] = new since last update (on 18 May)

Materials
ABY/MLX, WTR, FMS, GRY/TGZ, ATA, GMM/GXY
Mining services
AAX, ALQ (Offer $5.30 rejected)
IT
OTH
Properties
GMF/GOZ (Bidding war between GOZ and CMA), PAY
Financials
OVH/DVA
Other Industrials
AIO/QUB, NPX, PFL (Scheme offer @ $1.65)

Removed
Completed: UML, BRS, PBG
Withdrawn: AWE (Offer rejected), BKN (re-cap done)

Rumours only


If I have missed anything please add to the list.

Added GMM/GXY

 

[So_Cynical]

If I have missed anything please add to the list.

AGI - AINSWORTH GAME TECHNOLOGY

Len has sold his 53% to a big Austrian mob, one would think that a full T/O is only a matter of time, or is that a buyout?