SNSN schreef op 6 januari 2014 15:12:
[quote alias=appiehappie id=7352660 date=201401061319]
Ga der maar goed voorzitten.. KPN zal de komende tijd een mooie sprong voorwaarts maken. De 10e kan een mooie dag worden met mooi nieuws. De q4 cijfers komen eraan en ik verwacht nog een tweede koper voor april. Slim mag niet bieden voor april dus dat kan interessant worden. Slim zal erover heen moeten. Stel dat de tweede bieder 3,20 biedt? Ben benieuwd wat Slim zal gaan doen!
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Actually Slim can’t do too much.....except minimizing default risk for kpn
Being locked with ~1/3 he can’t (and does not need to) get out under ~3.25, while certain developments at his home market don’t leave him other strategic choices except Europe. But, CS can’t also take 100% kpn over, as his current max price which would not affect his credit rating is < 2.60 …., and that is NOT realistic as the “fair value” for new kpn is around ~4.0. Again, AM implements its own shares buy-back program which would not be too consistent with further attempts to expand its kpn investments. However, indeed, the current shareholders’ structure (~1/3 in CS hands) does not make kpn too attractive for other (fully independent) parties….
Being locked with ~1/3, he can’t (and does not need to) get out under ~3.25, while certain developments at his home market don’t leave him other strategic choices except Europe. So, Slim has to stay still where he is ...
But, CS can’t also take 100% kpn over, as his current max price that would not affect AM's credit rating is < 2.60 ...., and that is NOT realistic for kpn, as the “fair value” is around ~4.0. And anyway the prob is too high that the reg would block any 100% take-over. Again, AM implements its own shares buy-back program which would not be too consistent with further expectations to expand its kpn investments.
However, the current shareholders’ structure (~1/3 in CS hands) does not make kpn too attractive for other (fully independent) parties....