So, bid price 37% premium to last.
Which should get the deal done, I think
(Unless, of course, an interloper gets involved [*]).
For context, Healthscope (HSO) was taken over by Brookfield for a mere 23% premium, and that was even after Brookfield was not the sole bidder (although, to be realistic, the BGH Capital-AustralianSuper consortium that made the first bid for HSO was really a lightweight contender).
[*] And the scope for a bidding contest happening is far from zero: a company like RHC is a private equity operator's dream; it has stable and predictable earnings and cash flows (and hence, can be geared aggressively...far more aggressively that public markets will tolerate), and is rich in highly sale-able assets which can liberate capital to enhance the returns of the PE operators.
Case in point, the carrying value of RHC's property portfolio is $3bn... and that is valued at cost less accumulated depreciation and accumulated impairments, so who knows what it must be worth if it was today marked-to-market, which is what would effectively happen if those property assets were transferred into a property trust after being acquired by a PE group?
$4.0bn?
$5.0bn?
What about $6.0bn, maybe?
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So, bid price 37% premium to last. Which should get the deal...
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Last
$47.25 |
Change
0.250(0.53%) |
Mkt cap ! $10.85B |
Open | High | Low | Value | Volume |
$47.40 | $47.68 | $47.15 | $28.34M | 592.4K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 478 | $47.24 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$47.27 | 851 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 130 | 47.150 |
1 | 212 | 47.060 |
1 | 106 | 47.020 |
2 | 50 | 47.000 |
1 | 200 | 46.380 |
Price($) | Vol. | No. |
---|---|---|
47.500 | 50 | 1 |
47.630 | 105 | 1 |
47.690 | 632 | 1 |
47.700 | 100 | 1 |
47.800 | 530 | 1 |
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