SMB United -- takeover bid by Boer

[dzwm87]

I'll believe that has to be the analysis of the research report and hence, still subjected to an extent of verification.

Logically, I don't think Boer management is in the position to disclose plans for any acquisition bid as this might be considered to be insider news - though I am not 100% certain about that; basing it on my logic. I had spoken to Boer management regarding their SMB Offer and they even deter simple questions like "How many of SMB shares have you purchased in the open market".

Overall, I have sold all my stakes at 40c (consolidate cash to look for other opportunities) but in any case if there is an opportunity for a higher bid, I wish all the best of luck for you!

*not vested*

[shanrui_91]

I have also sold all my stakes at 40c. With Osaki buying shares through the market and a more than 30% irrevocable undertaking, quite hard for a higher offer.

I do agree that there's definitely better opportunity out there in consideration of value of the market right now

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[Drizzt]

shanrui did you make a good gain out of it?

[shanrui_91]

i bought at 35c and sold at 40c. but i was limited by capital, only make around 800 buck

[xlandjy]

It has crossed the offer price of 40 cents. It stays at 40.5 cents. Surely, it is logical to anticipate a fresh offer above 40 cents.

[portuser]

Centaurus held 8.85% of SMB shares as at 29 Dec 2011, and is in a position to block delisting by Osaki.
Will Osaki raise its offer price to entice Centaurus to tender its stake?

[xlandjy]

one needs more than 10% share to block a delisting, right?

[dzwm87]

Yep but Osaki's offer becomes unconditional once it hits at least 50% level of acceptance, which is pretty easily obtain IMO.

It's also important to note which bid Centaurus is coming from. Did they bid the recent 0.405 surge? If so, there is a strong conviction in pushing for a higher bid. If they traded at the 0.40 and 0.395 bids, then they are merely pushing for a high return-low risk side bet for a higher offer. They might be just betting on transaction cost to push for a higher bid. Don't forget, they have already stood to gain a large amount from their recent 0.315 stake collection prior to Osaki's offer. In other word, they stand at a good risk arbitgeur position for a higher bid from Osaki. E.g. I take $50 from my $1000 unrealised gain to bet for a higher offer. Centaurus is in the position to do that but are you all capable of waiting for so long? 1-2 months for Osaki offer to finalise. 4-5 months for a new offer. Pretty long wait given other cheaper opportunities around.

Just my opinion

*not vested*

[dzwm87]

Boer has officially stated their withdrawal of offer.

With 30+% under irrevocable undertakings and with 20% acceptance level based on earlier Boer's 0.32 offer, I seriously think it is less likely there will be another offer.

Shareholders are submitting their acceptance letter now and at the rate it is going, you don't really need a lot for this deal to go through. Take note: Directors' irrevocable undertaking can only be withdrawn if the whole deal falls (i.e. minimum acceptance level of 50% is not met)

Just my opinion for those who have yet to sell. The offer will take quite a while and most other counters have rebounded slightly. Perhaps, you can wait for the additional 0.5 cent if your stakes are high.

*not vested*

[portuser]

Has Centaurus, with 9.55% stake in SMB shares by early Jan, already tendered its SMB shares to Osaki?