Reading the annual report and the re emphasis on fiscal discipline , target growth areas etc etc I am almost certain we will not see a complete TO attempt for HZN
what we may see is a scheme of arrangement where each side end up with a proportional holding of a larger entity. I would not be surprised if this scheme places a notional value of each company that is not reflective of their current market cap ( bearing in mind HZNs market cap is 10% higher following the leak of whatever is being discussed)
Now I know this is nothing to hang your hat on but the preopen price for ROC is 47.5 whereas HZN is 37.5. This is not reflective of an aggressive TO bid by ROC.
the suspense is killing me but I have faith that ROC will have disciplined approach to this proposal. If I don't like the deal I have no problems with selling but my guess is it will be good for ROC
ROC Price at posting:
45.5¢ Sentiment: LT Buy Disclosure: Held
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