Colt Rebuffs Fidelity’s ‘Undervalued’ Offer
- Colt has appointed Barclays Bank PLC as an intermediary and independent financial adviser, that sees Fidelity's offer as undervalued.
Colt Group S.A., a provider of network, voice and data services, have shot down an offer by FMR LLC, FIL Limited, representing Fidelity at a combined price of 190 pence per share, according to a Colt Statement.
Talks of a deal have been swirling for some time with the rebuttal representing the latest development for Colt. Independent directors have appointed Barclays Bank PLC as an intermediary and independent financial adviser.
As a result, the appointed independent directors have deflected Fidelity’s offer, citing an undervalued stance for Colt – moreover, the independent advisers have advised Colt to reject the offer as unfair to independent shareholders of the company stock.
The 2015 calendar year saw ardent attempts by Colt’s senior management to reinforce and refocus the firm’s activities and financial performance, tapping its ‘new business plan’. In subsequent months, Colt’s Board provisionally approved the ‘new business plan’ with additional details slated for announcement.
In addition to its business development, Colt’s independent directors believe that any tendered sale of the company to a third-party buyer could potentially achieve a higher price than the proposed offer. Ultimately however, the independent directors noted that the commitment by Fidelity that it would not engage in purchase selling or disposal of Colt shares or take any other offer to a third-party prior to the end of 2016 could gave clues as to Fidelity’s motives or reasoning.
At the end of the day however, money talks and many shareholders would no doubt be content with a cash offer presently. As a result, the independent directors will facilitate Fidelity’s offer by convening a meeting of the shareholders to consider the resolutions proposed.
Colt has been relatively mum with a number of partnerships with one of his most high profile ones coming nearly a year ago with the London Metal Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv (LME), resulting in the launch of LMEnet – a collective effort to upgrade Connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio to electronic systems for the Exchange.
Colt Group S.A., a provider of network, voice and data services, have shot down an offer by FMR LLC, FIL Limited, representing Fidelity at a combined price of 190 pence per share, according to a Colt Statement.
Talks of a deal have been swirling for some time with the rebuttal representing the latest development for Colt. Independent directors have appointed Barclays Bank PLC as an intermediary and independent financial adviser.
As a result, the appointed independent directors have deflected Fidelity’s offer, citing an undervalued stance for Colt – moreover, the independent advisers have advised Colt to reject the offer as unfair to independent shareholders of the company stock.
The 2015 calendar year saw ardent attempts by Colt’s senior management to reinforce and refocus the firm’s activities and financial performance, tapping its ‘new business plan’. In subsequent months, Colt’s Board provisionally approved the ‘new business plan’ with additional details slated for announcement.
In addition to its business development, Colt’s independent directors believe that any tendered sale of the company to a third-party buyer could potentially achieve a higher price than the proposed offer. Ultimately however, the independent directors noted that the commitment by Fidelity that it would not engage in purchase selling or disposal of Colt shares or take any other offer to a third-party prior to the end of 2016 could gave clues as to Fidelity’s motives or reasoning.
At the end of the day however, money talks and many shareholders would no doubt be content with a cash offer presently. As a result, the independent directors will facilitate Fidelity’s offer by convening a meeting of the shareholders to consider the resolutions proposed.
Colt has been relatively mum with a number of partnerships with one of his most high profile ones coming nearly a year ago with the London Metal Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv (LME), resulting in the launch of LMEnet – a collective effort to upgrade Connectivity Connectivity Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio Connectivity is defined as a term used for connecting devices to each other. In most cases, this refers to computer networking and more specifically includes bridges, routers, switches, gateways, and service as well as local networks. Connectivity can refer to simple forms, such as connecting a home or office to the internet or even connecting a digital camera to a computer or printer. Connectivity in FinanceConnectivity has taken on new meaning with the growth of fintech and Big Data collectio to electronic systems for the Exchange.