Well, place your bets - we will find out who bought the 10% MPG yesterday and whether it will follow through into a takeover of the whole company.
Been a while since we have seen a hostile takeover in NZ so if it's FBU, bring it on!
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Goodie, some disciplined interest.
With Bains yesterdays buying are they still buying again today ?
How did that work out for Bain? (Tower shares)
Crescent Capital that used to own Metro have bought the Viridian assets from CSR for A$155m. Viridian the past 2 years has had ebitda of A$20.3m in 2017 and A$18.1m in 2018 so the price is 8.0x EV/evitda based on the last 2 years operating earnings.
If we applied that valuation to Metro it would $1.25 per share ($41m ebitda x 8.0 less $95m debt)
At $0.44 Metro must be being looked at by FBU, probably APL, maybe Bain. Apply a discount for the market uncertainty and at 75c+ they are a steal, especially for APL (not sure they have the capacity) or FBU...
Bain Capital is a big time special situation player with billions of dollars of capital at its disposal.
Example of how well they do :
https://www.afr.com/street-talk/myob...0181007-h16c1c
Bain bought MYOB for $1.2 billion in 2011.
Now selling rest of its stake to KKR for $2.0 billion.
bain capital - Our Distressed and Special Situations strategy’s breadth and flexible capital enable our funds to participate in a differentiated, global set of investment opportunities, including single-name corporate debt, capital solutions and rescue financings, and non-performing loan (“NPL”) portfolios.
hope its not positioning for rescue financing