Author Topic: New Yorker article on Paul Singer -Elliott  (Read 5861 times)

writser

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Re: New Yorker article on Paul Singer -Elliott
« Reply #20 on: December 10, 2018, 06:45:38 AM »
An Elliott portfolio company is trying to buy MITK (hostile takeover). Singer increased his bid from $10 to $11.50 today.
Quote
In the letter, sent to the Mitek Board of Directors two weeks ago, ASG CEO Charles Sansbury noted that the new offer price represents a 73% premium above the unaffected closing price on October 9, 2018, a significant premium above the average share price for all relevant periods, and a 90% premium above Mitek’s 5-year average. The letter also noted that the proposal would not be subject to any financing condition, as Elliott would commit to provide the necessary equity to complete the acquisition.

ASG released the private correspondence because despite the increased offer, Mitek has maintained its refusal to engage with ASG on reasonable terms that would allow ASG to conduct the necessary diligence and make a binding offer. The letter’s publication is intended to update the market on ASG’s continuing efforts to engage.

I bought a few shares on the open today. I guess I like Singers style a bit more than most of you. But regardless what you think of him, he's offering a price higher than what shareholders have seen the past few years, the deal has synergies and consider me skeptical about the chances of a random ~$300m company resisting the Singer antics (and financial power). Yet shares were trading at a ~15% discount to the improved offer. Very tiny position, just for the heck of it.
« Last Edit: December 10, 2018, 06:48:12 AM by writser »
When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.


writser

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When you are dead, you do not know you are dead. It's only painful and difficult for others. The same applies when you are stupid.

John Hjorth

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Re: New Yorker article on Paul Singer -Elliott
« Reply #22 on: March 18, 2019, 11:47:04 AM »
writser,

I haven't had time to dig into this yet, but I will. It reads - ar-hmm - "juicy"! - A giant battle between Vincent Bolloré and Paul Singer?
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