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you only need 45m shares to own 10% of Amtek to block the deal
that is only $50m, peanut!
Good, hit triple1 liao, my analysis may turn out right! Just looking at sell Q, from triple 1 to $1.20 sell vol. less than 1.5m. Buyers no need to say.....Bottomline HOLD!
Amtek is really good hor
Just when I thought Amtek is gone, BUT looking at the SGX announcement, it seems Metcomp only managed to secure 20m shares out of 40m+ shares traded on 23 May. Does it mean someone else (other than the CVC Group) bought the other 20m, is a spanner in the works?. If so, a bidding war is looming...or will it? Also I notice bulk of today's trade at 1.10 (up 2 bids from yesterday) and with 19m buy at 1.09 v. 3m sell @1.10 (3.20pm). I was about to sell this morning but haven't yet...will keep posted if any news.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_989A897705A5D829482572E400830D8D/$file/Dealings_Disclosure_Announcement_240507.pdf.pdf?openelement
CANNOT U'STAND WHY OWNERS OF AMTEK SO KANCHEONG
TO SELL AT ONLY $1.10 IF ESTIMATED VALUE IS $1.17 TO $1.34
Amtek chapter is closed. Sell n move to other likely takeover targets. Any likely targets?
hahaha... even stocks like Eng Wah can do better than Amtek!
"...Singapore-listed cinema operator Eng Wah Organisation said on Wednesday it had received a $675 million (US$441 million) reverse takeover offer from Japanese biotech firm Transcutaneous Technologies Inc."
Well done!
Why suddenly there is so many takeover targets...... anybody slow down to think????
puzzle why there are people who willing to sell to mkt at discount, ie $1.08 vs $1.10 offer?
i think after Amtek's buyout, all eyes are now on Seksun.
Another potential takeover target.
CIMB GK : Comments
Offer price at the low end of our estimate?Metcomp?s cash offer of S$1.10 a
share comes at the low end of our estimated price range of S$1.17-1.34. This is
based on 6x FY06-07 EBITDA, which we thought would be a good benchmark used
by private equities.
?but a slight premium to our target price of S$1.08. Nevertheless, the proposed
takeover price represents about a 2% premium to our target price of S$1.08, which is
based on 10x CY08 earnings. We had raised our target from S$1.00 to S$1.08 on 2
May 07 following the release of its 3Q07 results.
Investors should take up the offer. We believe our 10x CY08 P/E target is realistic
relative to its historical trading range and projected healthy 15% core earnings
growth. We see the takeover price as fair and advise investors to take up the offer,
which is already at a slight premium to our target price. Downgrade to Neutral from
Outperform as we believe the share price will be capped by the takeover price of
S$1.10.
Lifted trading halt this morning.... Let's hope some BBs come in to rescue Amtek!
Metcomp has made a mandatory conditional offer to buy the remaining Amtek's shares at $1.10 !
Hope no one here is selling at this low price level. Let the price run up first.
http://info.sgx.com/webcoranncatth.nsf/VwAttachments/Att_B8F404612792A080482572E3004F5A13/$file/Attachment-OfferAnnouncement22May.pdf?openelement
read this somewhere.... look at the stark difference!
"At this price(S$1.10), Amtek was valued at S$552m, while MMI was valued at S$1,005m.
What a joke! "
Hi Lucky168,
My suspicious was aroused when the ex-chairman & directors sold out at 1.10, so hastily without waiting for other bids. There is conflict of interest because these directors (CEO & CFO etc) will keep their jobs after CVC takeover (see filing documents), so they leaned backward at our expense. I'm not a member of SIAS otherwise they can give some opinion.
Looking back in Yr 2000, Koh Boon Hwee was issued about 5% of Amtek at preferential price but unfortunately he has since disposed it , otherwise with him around, it would be a different outcome altogether. Damned dirty, when u are dealing with an ex-convict of insider trading (ex-chairman, Lee Ah Bee).
http://info.sgx.com/webcorannc.nsf/e0b081862900741c482571aa001cf0af/187de65273317523482572e30036d675?OpenDocument
I think the deal was done very much to the expense of minority shareholders, which once again proved shown to the world how ugly our Asian financial mkt works. A lot of questions still remains unanswered.
1) who is the other bidder?
2) like what tuntan8888 mentioned, takeover price was not referenced to either its NTA nor P/E mutiple. No comparsion of price to any recent takeover case. So how to convince minority shareholders of the fair value of the Amtek?
Hopefully there will be a white knight aka. (eg. Mr.Oei in Natsteel saga) who can see some value in this company in current bull mkt!
Definitely move up to $1.10, the new support level.
It said that it had received a takeover offer valuing the firm at about $552 million from a private equity consortium. The company said the consortium, called Metcomp, is a private equity partnership between Britain's CVC Capital Partners Asia Pacific, Standard Chartered Private Equity Ltd, and 2 private investors.
The consortium has offered to buy the 50.74% of Amtek's issued share capital that it does not already own, Amtek said in a statement to SGX. Metcomp is offering $1.10 per share.
In the statement, Amtek said the consortium intended to keep current management if the offer went through.
"We have a very high regard for the current management team of Amtek," said Roy Kuan, a partner at CVC Asia Pacific, in the statement. "One of our key objectives is to retain the current management team after the close of the offer to continue to build upon the current businesses and operations of Amtek."
Amtek makes computer and printer casings for Hewlett-Packard, as well as irons, shavers, hairdryers and the frames of LCD TV screens for Philips Electronics NV.
PricewaterhouseCoopers Corporate Finance Pte Ltd and Standard Chartered Bank are joint financial advisors to Metcomp.
My personal view is this. Tomorrow, one should NOT rush to sell in the open market (at $1.10) because there is a high chance of price crossing $1.10, as certain BBs (especially Funds who invested recently) may not happy with this under-valuation of Amtek. Looking at the latest SGX announcement, takeover price was not referenced to either its NTA nor P/E mutiple. The company appointed financial consultant, is NOT working for minority shareholders of Amtek but certainly for the CVC group.
why Amtek did not announce anything about the progress of the 2nd party which it granted to access its books?
I will hold on to my shares till further announcement.