Half of former prey is below bid price

In recent years, many well-known companies have disappeared from the Brussels stock exchange through takeovers. Think of Resilux, Sioen, Ablynx or Zenitel. But the bidders don’t always manage to get hold of their prey. Sometimes too few shareholders offer their shares and the bidder does not reach the 95 percent required to have the share delisted from the stock exchange. As a result, Spadel, Telenet and Orange Belgium, among others, are still listed on the stock exchange. Sometimes the company itself sent hungry suitors out walking, as EVS and Ontex did.

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In some cases, the refusing shareholders did a golden job. But usually the price is below the bid. Even the insulation specialist Recticel

fell in the recent sell-off almost to the bid price of 13.50 euros from the Austrian Greinerwhich everyone – including us – thought was far too low.

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88%

He fell

Of all the shares where a formal offer was made, Spadel, with a profit of 88 percent, is the most above the then offer price.

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Of all the shares where a formal offer was made, Spadel

with a profit of 88 percent, the most above the bid price at the time. CEO Marc du Bois ran into opposition from wealthy investor André de Barsy. With a few supporters, he managed to collect a blocking minority of more than 5 percent. Du Bois did buy all the pieces that were offered, so that barely 7 percent of Spadel is still listed on the stock exchange. The chance of a new offer is small. Du Bois has said several times that he has resigned himself to the listing.

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Push merger

At Hybrid Software

the chance is greater. In 2019, when chairman Guido Van der Schueren made an offer, the company was still called Global Graphics. He narrowly won the majority, after which he merger was able to push through with its own Hybrid Software. As a result of the stock merger, he already owns 82 percent of the company. He still regularly buys shares. ‘Hybrid wants to double in size, after which a sale cannot be ruled out’, thinks Bart Goemaere, an analyst at BeursTips.

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In the telecom sector, both Telenet

als Orange Belgium

under his mother’s bid. Telenet has meanwhile paid generous dividends, but is trading 44 percent below the offer of 35 euros from ten years ago. Telecom has lost much of its luster. There is hardly any growth, while huge investments are required.

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Orange has already indicated that it does not want to make another attempt to bring in Orange Belgium. On Thursday, the Berenberg stock exchange suggested that Liberty could make a second attempt to delist Telenet, but an offer would negotiations with Fluvius about disrupting network investments.

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Dutch retreat

Vastned, who made an offer for his Belgian daughter, now has other cats to flog. Also, the weak balance sheet does not allow for a new bid.

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During the bid for the retail landlord Vastned Belgium

due to its Dutch mother Vastned, some analysts found the price of EUR 54.88 too low, while others described it as generous. The Dutch had to drip off† Meanwhile, many buildings in the shopping streets are empty. Mother Vastned

currently has other cats to flog and a weak balance sheet that won’t allow for a new bid.

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With a decline of 91 percent, the small shareholders of the fertilizer group Rosier

complain that they did not accept Borealis’ mandatory offer when it took over the majority of Total. Due to years of losses, Rosier is struggling with negative equity. Borealis recently converted debt into equity, increasing its stake to 98 percent. There comes a mandatory smoke-out bid at 20 euros per share.

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Full screen display

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Walking steered

At the Liège imaging group EVS

and the Aalst diaper maker Ontex

there was no official offer, but the attackers were sent off. EVS is three times above the price that the British Vitec wanted to give in 2003. The premium was then barely 9 percent above the price and EVS was accelerating growth. At Ontex, the board found the offer of 27.50 euros per share from the French investor PAI four years ago too scanty† The company has seen its margins shrink since then. ontex promises to get wellbut it will be a daring feat to advance on your own to the bid price of that time.

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It is currently running bod from Brookfield in Canada to Befimmo

† Due to the strong premium of 52 percent compared to the stock price in February, this is a very fair price, especially since the real estate sector has been hit hard since the announcement.

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