Originally Posted by
Fiordland Moose
BGH are locking up Sixth Street Partners, the largest shareholder in PPH and have close to a defacto blocking stake in the company.
Sixth Street built up their position over the last year or so at prices much higher than todays price and would be unlikely to realise their position at a loss or breakeven given their conviction in the company.
So getting them to roll their equity into the takeover the only realistic way of achieving a takeover. And probably signals to me that the price wont be sky high as if it were they would have taken the dosh.
Very similar to what is happening on the ASX with infomedia (car parts saas) which I am a holder in - TA associates locked up the big shareholder there. I thought TA could have been the PE behind PPH as they like financial services and are active in NZ (they are the 2nd largest shareholder in Fisherfunds).
BGH are big dogs. Look forward to seeing the price and process.