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+--- Thread: If you vote no, be willing to accept the outcome. (/showthread.php?tid=11187)
RE: If you vote no, be willing to accept the outcome. - Stavros - 08-30-2016
If the deal is voted down, and the PPS drops, then XOM may very well scoop up a lot of shares until the PPS quickly recovers. Then ... They can offer more than $60 for each of the remaining IOC shares and still pay less than $3 Billion.
RE: If you vote no, be willing to accept the outcome. - jft310 - 08-30-2016
Yukon Courts have this item called no dissenting whereby they can independently compute net asset value . Who thinks Hession sold at net asset value . The history pet 2126 of no dissenting getting a positive outcome is 75 percent and in Interoil's case we have a multi million dollar payment to the CEO who later sold those assets for zero . Chances of their being value in those and other assets is well more than 75 percent . Today we voted no and feel quite good about our chances . We are keeping our options open .
RE: If you vote no, be willing to accept the outcome. - CAC - 08-30-2016
'2126' pid='76064' datel Wrote:[quote='Gator' pid='76063' dateline='1472501835']
Mondelez International No Longer Pursuing Combination with Hershey
DEERFIELD, Ill., Aug. 29, 2016 (GLOBE NEWSWIRE) -- Mondelēz International,Inc. (NASDAQ:MDLZ) today announced it has ended discussions with The HersheyCompany regarding a possible combination of the two companies.“As the world’s leading snacking company, we remain focused onsuccessfully executing our strategy to deliver both sustainable top-linegrowth and significant margin expansion and are well-positioned to continue todeliver value to our shareholders,” said Chairman and CEO Irene Rosenfeld.“Our proposal to acquire Hershey reflected our conviction that combining ourtwo iconic American companies would create an industry leader with globalscale in snacking and confectionery and a strong portfolio of complementarybrands. Following additional discussions, and taking into account recentshareholder developments at Hershey, we determined that there is no actionablepath forward toward an agreement. While we are disappointed in this outcome,we remain disciplined in our approach to creating value, including throughacquisitions, and confident that our advantaged platform positions us well fortop-tier performance over the long term.”HSY down 11% and falling after hours.
Unfortuately, unless some of the institutional holders vote NO, there is very little chance that the No votes will win. The math just doesn't support it. Institutional holders have about 48% of outstanding shares [and will in all likelyhood vote Yes with all their shares]. A fair amount of the remaining retail holders will not vote. Thus it will take an overwhelming landslide NO vote by all retail holders to block this deal.
Additionally, IOC/Exxon deal is quite unlike the Hershey/Mondelez deal, in that IOC is the ONLY place that Exxon can realistically find the gas to support expansion of PNGLNG. If, by happy chance, the NO votes win, Exxon has plenty of room to sweeten the deal while still stealing IOCs assets for a song. If NO wins, then Exxon need not be constrained by having to have a superior bid to the OSH/Total deal and can then simply put an all-share offer on the table, without any contingencies. If they put it in the range of $65-75, that bid would get passed with no problems, in my opinion.
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Is XOM offering 2.5B for IOC's gas so they can break-even? Or do they fully expect to use our gas to double their money (or more)? If XOM/TOT can use our gas with their new trains to make it worth 6B...then so could IOC. IOC could raise money by selling down a portion of their field and/or issuing new shares. No matter how much gas is in there (6.5T's or 10T's), we know XOM thinks they can make it into double what they are paying for it...or they wouldn't waste their time. Staying independant is just fine with me.
RE: If you vote no, be willing to accept the outcome. - Gator - 08-31-2016
"Staying independant (sic) is just fine with me."
Remaining independent by selling down other assets would have been a great idea two years ago, however IOC would have needed a competent CEO who's sole purpose was not to pad his pockets at the expense of shareholders.
RE: If you vote no, be willing to accept the outcome. - jft310 - 08-31-2016
I agree 100 percent Gator . Hession has been a disaster . Now what will the regulators do with all the complaints ??
RE: If you vote no, be willing to accept the outcome. - Relker - 08-31-2016
If you look with a helicopter view at the selling procedure, you see that only two parties are really interested to buy IOC. These two parties want to expand PNGLNG and are interested in the feedstock. This interest will not wane with a no vote. The advantage of a no vote is that this places the management in a position either to sell part of its leases or sell the company. In my view selling the company becomes more interesting when FID is ready. At that moment more parties might consider to buy IOC and the gas price is probably less depressed.
RE: If you vote no, be willing to accept the outcome. - jft310 - 08-31-2016
Agree Relker !!
RE: If you vote no, be willing to accept the outcome. - Kaliboo - 08-31-2016
'Relker' pid='76106' dateline='<a href="tel:1472568 Wrote:If you look with a helicopter view at the selling procedure, you see that only two parties are really interested to buy IOC. These two parties want to expand PNGLNG and are interested in the feedstock. This interest will not wane with a no vote. The advantage of a no vote is that this places the management in a position either to sell part of its leases or sell the company. In my view selling the company becomes more interesting when FID is ready. At that moment more parties might consider to buy IOC and the gas price is probably less depressed.
So how is IOC going to get financing in order to pass FID? Pre sell their gas at a huge discount??? There doesn't appear to be much market for selling down interest in EA.
RE: If you vote no, be willing to accept the outcome. - jft310 - 08-31-2016
Many posters do not understand Wall Street . With a continuing business and the Total contract Interoil with different management could have survived . I have participated in many IPO's and secondaries where the companies have never made a dime but investors bought their stocks .
Let's look at Tesla losses of Billions but continues to have very successful add on stock offering . Let's look at Interoil when Phil was CEO Interoil share count rose from 50,000 to close to 50,000,000 shares with many secondary offerings. There's your money it's always there for story stocks . The spin doctors know what to say and how to say it . Hession failed miserabely as a CEO most importantly he failed in his duty to shareholders . Today in my opinion we get sold . But there were lots of opportunities to raise money from the markets during Hession's leadership but he was more motivated by that honey pot of money . Credit Suisse even did the math on how much Interoil needed to raise but Hession ignored them .
RE: If you vote no, be willing to accept the outcome. - Relker - 08-31-2016
(08-31-2016, 05:21 AM)Kaliboo Wrote:
Relker dateline='<a href="tel:1472568348">1472568348</a>' Wrote: If you look with a helicopter view at the selling procedure, you see that only two parties are really interested to buy IOC. These two parties want to expand PNGLNG and are interested in the feedstock. This interest will not wane with a no vote. The advantage of a no vote is that this places the management in a position either to sell part of its leases or sell the company. In my view selling the company becomes more interesting when FID is ready. At that moment more parties might consider to buy IOC and the gas price is probably less depressed.So how is IOC going to get financing in order to pass FID? Pre sell their gas at a huge discount??? There doesn't appear to be much market for selling down interest in EA.
I can only say to that: look at the IOC Q1 presentation. Raptor, Bobcat are outside E/A and financial situation is not critical till the end of 2017.