Ok I want in on this if this deal goes ahead.
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There's just no way this gets put to shareholder vote, unless we are all wrong and the terms of the deal are very very attractive. Management would essentially just be putting their jobs, and more importantly their reputation, on the line.
Do you see possibility of an Offer by PE to take out SKT ?
Perhaps part consideration in SKT shares ?
Without that (ie: PE making a run for SKT's cash) it's either backtrack no deal
or it would have to be put to shareholders, unless I'm missing something..
MW would have to realise that SKT Shareholder vote will be the major hurdle to anything happening
How does SKT share register look now ? Any large piranha funds jumped onboard for a free lunch
or a friendly feast ? ;)
Hard to imagine a scenario that is attractive unless SM announced that they are gifting us the business and we just have to pay down the debt.
Even that would be a bad deal given the ramifications in terms of sky not having the option to merge with NZME or a telco later.
PE could buy both Sky and NZME for $900M right now I reckon.
Chump change for a big player like KKR.
A Sky-NZME merged entity backed up with broadband and eventually mobile could be a good little money spinner…
Skys management must be a sucker for punishment. Just as they put one fire out in Sky, they go looking for another fire.
I don't mind if they invest in loss making future growth business's. But radio and billboards.... Come on man. They are going for the holy trinity of legacy media.
As a share holder, this really does p*** me off.
Any holder that has posted here and not written to the company is doing themselves and other holders a disservice.
If you believe the acquisition makes no sense on strategic and risk management grounds, I would suggest doing so BEFORE we learn what the proposed price is. You can always make the price point afterwards, but this deal makes no sense regardless of price, and you should tell them that. I'm astonished Oaktree can keep a straight face in negotiations.
Those reports about the transaction probably being $220M + in order to require a shareholder vote…
Well, Christ Almighty - NZME is only valued at $245M and they are a much better business.
Why wouldn’t we just merge with them instead? Don’t even need any cash to do it…just a straight share swap.
Still plenty of cash for buybacks and divvys…
And a SKT-NZME entity would be far better than SKT-MW.
The whole thing is just infuriating because it’s so damn stupid.
I’d prefer to get the SP up first with divvys etc and then merge with NZME. But if these arse clowns are going to do something stupid pile buy MW then I would take the NZME merger now instead any day.
There is a slight problem Muriel
Everyone around the negotiating table thinks a large $100m + Loan Liability is an Asset
And a Slightly reduced Loss for last FY means a record Billion Dollar Profit the next year
over the Airwaves and Billboards everywhere.. even those facing down towards the ground
No-one has been able to determine why their rough back of envelope calculations
are wildly out of wack and where the large imbalance is ;)
If any shareholders do wish to exercise their rights for a buy back the relevant sections are
section 110
https://www.legislation.govt.nz/act/public/1993/0105/latest/DLM320496.html?search=sw_096be8ed81c295af_buy+out_ 25_se&p=1
section 111
https://www.legislation.govt.nz/act/public/1993/0105/latest/DLM320497.html?search=sw_096be8ed81c295af_buy+out_ 25_se&p=1#DLM320497
investorrelations@sky.co.nz
investorrelations@sky.co.nz
But the company press release says the transaction needs to pass by a simple majority (so just an ordinary resolution, not a special resolution) whereas a major transaction would require 80% under the legislation, presumably then this isn't actually expected to be a major transaction - so why the need for any vote at all - I'm confused, can anybody throw some light here?