Adampak

What I mean is that the 3rd party can at least talk to the management first before releasing a competitive offer if they can't do it in short time. If the offer is better, at least they can buy time for Navis not to cross 50% mark. keeping silent most likely means, there probably is not going to be a competitive offer.

(19-04-2012, 10:49 AM)CityFarmer Wrote: I am holding a difference view (with the greatest respect), if you look into the offer doc, it stated

"The Offeror does not intend to revise the Offer Price, except that the Offeror reserves the right to do so in a competitive situation."

Well, the acquirer's stated intention could change under certain circumstances, and I don't think there is anything to stop Navis from raising the offer price by say 10% if it is the only way to achieve the objective to privatize Adampak.

(19-04-2012, 11:35 AM)freedom Wrote: What I mean is that the 3rd party can at least talk to the management first before releasing a competitive offer if they can't do it in short time. If the offer is better, at least they can buy time for Navis not to cross 50% mark. keeping silent most likely means, there probably is not going to be a competitive offer.

If you rememer there is a "IRREVOCABLE UNDERTAKINGS" with the Navis offer announcement. This is the statement disallow any 3rd parties to block Navis reaching un-conditional, even it is offer with S$4.2

The moment that Navis make the announcement, crossing 50% and reaching un-conditional is already a done deal.

(19-04-2012, 11:38 AM)dydx Wrote:

(19-04-2012, 10:49 AM)CityFarmer Wrote: I am holding a difference view (with the greatest respect), if you look into the offer doc, it stated

"The Offeror does not intend to revise the Offer Price, except that the Offeror reserves the right to do so in a competitive situation."

Well, the acquirer's stated intention could change under certain circumstances, and I don't think there is anything to stop Navis from raising the offer price by say 10% if it is the only way to achieve the objective to privatize Adampak.

if that's the case, Navis probably would close the first offer and open a second offer for a higher price. Those who accepted first offer is not going to benefit from the second offer.

(19-04-2012, 11:38 AM)dydx Wrote:

(19-04-2012, 10:49 AM)CityFarmer Wrote: I am holding a difference view (with the greatest respect), if you look into the offer doc, it stated

"The Offeror does not intend to revise the Offer Price, except that the Offeror reserves the right to do so in a competitive situation."

Well, the acquirer's stated intention could change under certain circumstances, and I don't think there is anything to stop Navis from raising the offer price by say 10% if it is the only way to achieve the objective to privatize Adampak.

Under the take-over code, it is a regulation from SGX. It is not allow if you already make a "no increase statement". So unless the statement i refer does not represent a "no increase statement", then my opinion might not valid. But i really doubt so

I insert the regulation here for your reference, it is within section 20

3. When revision is not permissible
An offeror must not place itself in a position where it would be required to
revise its offer if:-
(a) it has made a no increase statement; or

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(19-04-2012, 11:46 AM)freedom Wrote:

(19-04-2012, 11:38 AM)dydx Wrote:

(19-04-2012, 10:49 AM)CityFarmer Wrote: I am holding a difference view (with the greatest respect), if you look into the offer doc, it stated

"The Offeror does not intend to revise the Offer Price, except that the Offeror reserves the right to do so in a competitive situation."

Well, the acquirer's stated intention could change under certain circumstances, and I don't think there is anything to stop Navis from raising the offer price by say 10% if it is the only way to achieve the objective to privatize Adampak.

if that's the case, Navis probably would close the first offer and open a second offer for a higher price. Those who accepted first offer is not going to benefit from the second offer.

Base on my observation, i do feel that the likelihood of 3rd party is getting higher with Navis position.

Navis declare un-condition immediate after dispatch offer doc. It is a trade-off with its flexibility of withdraw with more ready position for counter offer. Navis have the flexibility of remain conditional till its get more % of share i.e. more "sure" position to delist. It will allow Navis to withdraw with ease by declare condition is fail to fulfill, without approval from SGX

Again, just IMHO

Pardon me if I got it wrong since I am not a lawyer. I was reading page 11 of the document. Section 2.6 (f) states

"Although no revision of the the Offer Price is contemplated by the Offerer (except that the Offeror reserves the right to do so in a competitive situation), if the Offer is revised, it will remain open for acceptance for at least 14 days from the date of despatch of the written notification of the revision to Shareholders. All Shareholders who have already accepted the Offer will also receive the benefit of any revised Offer"

Doesn't the bold part states clearly that even if I am to accept the offer now, if there are revision to the price, I would still be entitled to the revised offer?

(19-04-2012, 12:02 PM)Some-one Wrote: Pardon me if I got it wrong since I am not a lawyer. I was reading page 11 of the document. Section 2.6 (f) states

"Although no revision of the the Offer Price is contemplated by the Offerer (except that the Offeror reserves the right to do so in a competitive situation), if the Offer is revised, it will remain open for acceptance for at least 14 days from the date of despatch of the written notification of the revision to Shareholders. All Shareholders who have already accepted the Offer will also receive the benefit of any revised Offer"

Doesn't the bold part states clearly that even if I am to accept the offer now, if there are revision to the price, I would still be entitled to the revised offer?

yes. that's why I say navis would close the first offer so that those accept the first offer will not benefit from subsequent higher offer if there is one.

Sorry, I thought it means even if the first offer is close, I would still be entitled to the second offer (if there is one).

(19-04-2012, 12:17 PM)Some-one Wrote: Sorry, I thought it means even if the first offer is close, I would still be entitled to the second offer (if there is one).

what if the second offer happens after years?

how to determine?

(19-04-2012, 12:02 PM)Some-one Wrote: Pardon me if I got it wrong since I am not a lawyer. I was reading page 11 of the document. Section 2.6 (f) states

"Although no revision of the the Offer Price is contemplated by the Offerer (except that the Offeror reserves the right to do so in a competitive situation), if the Offer is revised, it will remain open for acceptance for at least 14 days from the date of despatch of the written notification of the revision to Shareholders. All Shareholders who have already accepted the Offer will also receive the benefit of any revised Offer"

Doesn't the bold part states clearly that even if I am to accept the offer now, if there are revision to the price, I would still be entitled to the revised offer?

Yes. If Navis wants to delist Adampak and yet unable to hit 90% acceptance, it can choose to revise its offer. When it happens, those who had accepted the offer earlier will get the revised offer too.

So far, navis always tries to delist the company(Mentor Media, Eng Kong, King's Safetywear).