dronaig
20 Apr 2018
Re: Ticking up I would take 150pBut rather it was 200pHad these for too long not earning a penny (after a decent dividend) and def looking to get outIf it’s a takeover, bring it on.
hairyhelmet
20 Apr 2018
Ticking up Pleased to see the price nudging up. A dip in Sterling after Carney`s comments, should work wonders for the number crunchers at Apollo. Still difficult to call. Holding out for now. Its worth at least 130p even with the existing set-up.HH
Socplatotle
18 Apr 2018
For information and clarification, there haven’t been guards on Thameslink trains since the middle 1980s. Whatever can be laid at Mr O’Toole’s door, it isn’t this.
Punilux
13 Apr 2018
Re: Market not too excited Under normal circumstances I'd see buying a company to break it up as asset stripping. With First Group it is probably their only future. They are supposed to have a railway expert in Tim O'Toole who has contrived the most ridiculous industrial action of recent times. Having lost Thameslink because it effectively backed guards on trains against Dept. for Transport wishes, it gets into a dispute with unions on South West Trains regarding the wording of a statement on train manning. The strikes may, or may not, have taken place when the CEO was enjoying his Winter home in Florida. Unfortunately he didn't have time to familiarise himself with the weather on the same country's same seaboard. Which is a bit inconvenient when it comes to rubbish excuses to market come results time. Every constituent part of First Group could have high cash turnover and produce enough profit to pay a small dividend. But First Group still haven't got debt under control, despite the fact that the constituent parts of the company appear to be worth a lot more than the amount outstanding. If a serious bid comes to light, I'd imagine Act 2 would start with rumours of a bid for US school buses and Greyhound.
hairyhelmet
13 Apr 2018
Market not too excited It would appear the market is a little cautious about a deal going ahead. FGP is a good buying opportunity for a cash rich fund like appollo. I imagine the current management will only listen after a big push from the big investors, as they seem fairly comfortable with the way things have been going. This could be a good business, but i`m afraid it needs some tough decisions. Appollo will not pay big money for this business as there are a number of tricky factors to deal with. Last tear I totally believed we would be at 200p + . Board needs to change : 130p should do it.HH
Self made hedge operator
12 Apr 2018
Re: Disappointing open! Nice pricing action to end the day at the high. I assume that the details of the indicative bid level will come out tomorrow or at least in the Sunday press. Otherwise there is a false market. Have only been a holder for the last 5 months so haven't put up with the last few years anguish (although the last 5 months have been hair-raising in themselves).Would hope that Apollo will find a way to get the board to talk with in a constructive manner but am a bit concerned about the talk from the unions. Don't want this becoming a political football.Wont be a quick resolution IMHO.
pyueck
12 Apr 2018
Re: Disappointing open! Partially agree but remember the stock has risen from 77p to 110p, I suspect large based on leaks from the takeover rumour. That's a 43% rise, not too shabby in anybodies book. People can say 'Oh it's opportunistic' and 'the price was more a year ago', but we are where we are. Every takeover opportunity is an attempt by the buyer to get a good deal.I thought that the price at 77p reflected a harsh assessment by the market of FGP's potential, but not completely unjustified considering the companies (and particular this managements) consistent failure to meet targets (dividend payments, double digit margins etc...) and a constant ability to come up with excuses for poor performance.I have seen nothing as of yet from the existing management to give me any confidence that they will turn the company round and deliver consistent returns to shareholders. What I have seen is a management that have rewarded themselves very nicely while giving shareholders nothing.Yes maybe Apollo's first bid was too low, who know what it was, let's say it was 110p. But before jumping to reject this bid management need to have a long hard look at themselves and say do I honestly believe I will be able to deliver more value to shareholders than this? Maybe the answer is yes, way way more in which case ok reject it, but then be prepared to fall on your sword if you don't deliver it. Maybe the answer is maybe, therefore seek 130-150p and get the deal done, don't let this good opportunity for shareholders go. Maybe the answer is no, management have an obligation to get the deal done.There is no room for sentiment of looking back to rosier days with takeover bids. The bid is not being made in mid 2017 when the share was comparatively riding high, it's being made in early 2018 when the company has recently announced a profit warning.
PHILKES
12 Apr 2018
Disappointing open! Suggests only a very small premium. If this is the case no wonder it has been rejected.
pyueck
11 Apr 2018
Don't do a premier foods! Please board don't do a premier foods and immediately take a defensive strategy and come up with some half baked plan of why the bid is undervalued and it should be rejected.Management have destroyed shareholder value with this stock. Anything over £1.30 needs to be carefully considered as to if it is in the best interest of shareholders to accept. If management reject it and then don't deliver on the promises for the reasons why, it will not be forgotten. I have not forgotten premier foods!
Self made hedge operator
11 Apr 2018
Re: Bid According to BllombergNational Express is on a PE of 16.3Stagecoach is on 22.25 First is on 11.6 at today's closing priceTaking the a6 of Nat Express implies 50% from here ignoring a control premium.OK - this is a VERY crude analysis - but I would think that Apollo has cheaper borrowing costs than First and cash flows are pretty stable, so would assume they would have a serious interest.
PHILKES
11 Apr 2018
Re: Bid Depends how much the bid is worth. No disclosure of this mas yet.I would be wanting 160p plus but that maybe wishful thinking!
king Zog
11 Apr 2018
Bid Apollo Management a US private equity firm are going to make an all cash bid. Considering that First Group haven paid a dividend since 2913 a bid is more than welcome .
nk1999
11 Apr 2018
Re: 26% up in three weeks?!? - Possible ... Good call Self-made.Next few days will be ineteresting, for sure.nk
Self made hedge operator
11 Apr 2018
Re: 26% up in three weeks?!? - Possible offer For immediate release11 April 2018FirstGroup plcStatement re possible offerThe Board of FirstGroup plc (“FirstGroup” or the “Company”
notes the recent movement in FirstGroup share price and confirms that it has received a preliminary and highly conditional indicative proposal from Apollo Management IX L.P. (“Apollo” relating to a possible cash offer for the entire issued and to be issued ordinary share capital of FirstGroup (the “Proposal”. The Board of FirstGroup has considered the Proposal in detail and believes that it fundamentally undervalues the Company and is opportunistic in nature. Accordingly, the Board of FirstGroup has unanimously rejected the Proposal.There can be no certainty that any firm offer will be made nor as to the terms on which any firm offer might be made. A further announcement will be made in due course if and when appropriate.In accordance with Rule 2.6(a) of the City Code on Takeovers and Mergers (the "Code", Apollo must, by not later than 5.00 p.m. on 9 May 2018, either announce a firm intention to make an offer for the Company in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel in accordance with Rule 2.6(c) of the Code.This announcement has been made by FirstGroup without the agreement or approval of Apollo.In accordance with Rule 26.1 of the Code, a copy of this announcement will be available on FirstGroup’s website at www.firstgroupplc.com by no later than 12 noon (London time) on 12 April 2018. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.The person responsible for arranging the release of this announcement on behalf of FirstGroup is Michael Hampson, Group General Counsel and Company Secretary.
Self made hedge operator
11 Apr 2018
26% up in three weeks?!? Something surely is up here?Need to be a RNS I think
