Getronics Terug naar discussie overzicht

Counter-bid not expected

1. Sponge Bob 31 juli 2007 17:11

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   Getronics: Counter-bid not expected; KPN could delist with squeeze-out or legal merger, source says
   
   By Greg Ford in London
   
   Published: July 31 2007 15:31 | Last updated: July 31 2007 15:31
   
   Getronics is unlikely to see a counter-bid, said a source close to the deal. Meanwhile, bidder KPN could choose to delist the listed Dutch IT services company by squeeze-out or legal merger when the time comes, the deal source said.
   
   KPN on Monday announced it plans to make a recommended cash offer at EUR 6.25 a share for Getronics.
   
   KPN recently resumed an earlier takeover approach, contacting Getronics in the second half of July, said a KPN insider. Getronics had announced a month before that talks with an unidentified US bidder ended without agreement.
   
   Several parties had been circling although only one made a solid bid, the deal source said. “You never know if a counter-bidder will emerge but it’s not very likely. Any counter-bidders could have moved when Getronics was in talks with the US bidder,” he said.
   
   Getronics shares closed at EUR 6.25 on Monday. It is understood that a Getronics dividend is unlikely, as the company is not expected to make a profit this year. Getronics on Monday forecast a trading loss for 2007. It did not return a call seeking comment.
   
   Some of the parties that had been circling Getronics may still be interested in parts of the company, such as the US operations, but KPN plans to keep these, said the deal source.
   
   KPN said it will evaluate non-core operations outside of the Netherlands, Belgium, UK and North America. The disposals will follow Getronics existing disposal plan, which recently saw the sale of operations in Italy, the deal source said. The KPN insider said that Getronics CFO Maarten Henderson, who is a former KPN finance director, still has 18 months to serve on his contract and will pursue the existing disposals plan.
   
   KPN’s public offer should launch in September and will be conditional on 80% acceptances, excluding the conversion of Bonds 2008, Bonds 2010 or of the cumulative preference shares.
   
   Holders of Getronics convertible bonds will receive a cash offer, which the source said was likely to be made simultaneously with the main public offer.
   
   KPN will then have two choices to delist the company: it could squeeze-out if it gains 95% acceptances or, as it has operations in the Netherlands, it could conduct a legal merger at a lower level of ownership.
   
   The offer’s pre-conditions are “normal under the Dutch civil code” and do not highlight any special risk, said the KPN insider. These include no revocation of the target’s recommendation, no material adverse effect, obtaining regulatory approvals, works councils advice and trade unions talks. Antitrust is likely to be sought in the Netherlands rather than Brussels, said the KPN insider. The works council has already been contacted and will start talks with the unions so it can give its advice, he said. There would be around 200 job cuts, including senior management at Getronics who will mostly stand down after the merger. The company will be run by KPN appointees including Eelco Blok, said the deal source.
   
   The deal source predicted that most shareholders would tender, especially after Getronics downbeat earnings guidance today. The company downgraded its earnings growth from 4-4.5% to 3-3.5%, he said. “This implies a far higher premium than the 23% in the announcement.”
   
   “It’s not a fantastic price but there have been so many disappointments with this company, including today’s earnings guidance, that shareholders will be happy to get EUR 6.25 from a company like KPN with minimal execution risk. Most investors are probably happy,” he said.
   
   The deal will enable KPN to sell IT services to its business customers. A sector expert said it was one of the largest convergence deals so far and follows an established trend, with Belgacom buying Telindus and BT and FT both making small acquisitions in the area. There could also be others in the sector, the expert suggested.
2. [verwijderd] 31 juli 2007 18:15

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   Leuk bericht, zonder een duidelijke bron. Ja, de bron, daar wordt naar gerefereerd als "The deal source"
   Waarschijnlijk Ad Scheeepbouwer of Henderson zelf. LOL!
   
   

   quote:

   schreef:

   The deal source predicted that most shareholders would tender, especially after Getronics downbeat earnings guidance today. The company downgraded its earnings growth from 4-4.5% to 3-3.5%, he said. “This implies a far higher premium than the 23% in the announcement.”[/quote]
   
   Ach, wat zegt dit. De CEO van dit bedrijf is half overspannen en beschadigd en is gewoon niet scherp meer. En heeft belang bij een zo groot mogelijke Gouden Oprot Handruk van KPN. En de CFO is een ex-KPN CFO een twee jaar geleden nog. Lekker objectieve RvB hoor. En over de RvC nog maar te zwijgen. Helemaal geen dubbele agenda's hier hoor! Laat GTN en haar personeel maar lekker, terecht of onterecht, de vlektyfus krijgen. Of niet Henderson. Je hebt als CFO nog werkelijk helemaal niets nuttigs gedaan voor GTN. Als alleen maar een zo negatief mogelijke lading crap over GTN in de media uitstrooien. Er wel eens aan gedacht dat je het bedrijf GTN en haar personeel 24.000 man hier wel eens op de langere termijn kunt beschadigen? En dan heb ik het helemaal nog niet over de aandeelhouders die je nu op beestachtige wijze naait! Kl**tzak!
   
   [quote=]“It’s not a fantastic price but there have been so many disappointments with this company, including today’s earnings guidance, that shareholders will be happy to get EUR 6.25 from a company like KPN with minimal execution risk. Most investors are probably happy,” he said.

   Pertinent NIET WAAR. Ik ben GTN-aandeelhouder en ben absoluut niet 'happy' met dit bod van KPN en haar ex- personeel dat GTN een beetje probeert te vernietigen. En met mij een heleboel andere beleggers hier op het forum. Laat KPN maar lekker de tering krijgen. Laat GTN het maar op eigen kracht doen. Alles verkopen wat écht slecht loopt. En Ned. verder uitbreiden. We doen het op eigen kracht wel.

   Bijlage:
3. [verwijderd] 31 juli 2007 19:14

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   Een van de weinig overgepleven positief ingestelde jongens die maar niet van ophouden willen weten en blijven doordrammen tegen beter weten in.
   
   Joop
4. [verwijderd] 1 augustus 2007 07:22

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   nou joop,
   
   wat mij betreft ontmantelen ze ook zelf de zaak hoor...
   
   brengt meer op alsdan het huidige bod..