gordoffh Posted March 28, 2012 Share Posted March 28, 2012 can/t believe this crap - on the surface it looks like fairfax resolute are trying to get something for less than its worth and there is the aura of some insider advantage - for sure there is more to the story but that is not sees in the press - do they really want this to go to the supreme court - how much are we talking here/ enough to sully one;s hard earned reputation - come on match the bid you will come out okay - the circulars i get in the mail re this offer are a foot deep Link to comment Share on other sites More sharing options...
tyska Posted March 28, 2012 Share Posted March 28, 2012 can/t believe this crap - on the surface it looks like fairfax resolute are trying to get something for less than its worth and there is the aura of some insider advantage - for sure there is more to the story but that is not sees in the press - do they really want this to go to the supreme court - how much are we talking here/ enough to sully one;s hard earned reputation - come on match the bid you will come out okay - the circulars i get in the mail re this offer are a foot deep There has always been something more to this as far as I'm concerned, and it has to do with FFH. The legal costs, and time wasted, at some point, maybe we are already there, will have drained more value from the company than just upping the bid. Link to comment Share on other sites More sharing options...
rmitz Posted March 28, 2012 Share Posted March 28, 2012 There has always been something more to this as far as I'm concerned, and it has to do with FFH. The legal costs, and time wasted, at some point, maybe we are already there, will have drained more value from the company than just upping the bid. Yeah, it seems like it might be personal somewhere along the way. Link to comment Share on other sites More sharing options...
triedtestedand Posted March 28, 2012 Share Posted March 28, 2012 Hey Gordoffh: This takeover battle, and the accompanying circulars/etc, have definitely mitigated the demise of Canada Post. It's not just the lawyers ... if all the parties just paid me the postage, that would at least be a start. In other news, the OSC is putting off their hearing until next week ... maybe waiting for whether the Supreme Court will hear the case??? http://www.osc.gov.on.ca/en/Proceedings_enr_20120328_fibrek.htm Link to comment Share on other sites More sharing options...
SharperDingaan Posted March 28, 2012 Share Posted March 28, 2012 The legal BS effectively extends the Mercer bid indefinitely. The bid remains at $1.30 until there is a Supreme Court decision, or 3 days after ABH lets its bid lapse - i.e: it could be months. The lock-up has a time-limit, & to extend – all parties have to agree to it. Uncompetitive at $1.00, multiple vote failures, & an instant 30% gain if the parties walk on expiry - dance space on the pin-head is rapidly running out, & getting expensive. Fiduciary duty is a bitch - & all the lock-up parties are liable to prosecution if they don’t get paid the 30c (18M) bid difference on their shares - upfront. (18M= 130M shares x .30 x 46%) ABH can divert attention to the legal, but it is still the Marx brothers - laughing stock. The problem though, is that the lock-up group has been drinking the cool-aid. The PPA was applied for 9 weeks ago. By now there will firm indications as to whether the application was successful. Release the details a few days before the lock up expires, & this thing will resolve itself pretty quickly. Link to comment Share on other sites More sharing options...
alertmeipp Posted March 28, 2012 Share Posted March 28, 2012 This is a mess. How many shareholders on the record date still own this POS? I bet most of us have trimmed down our position here too. They need to change the record date. Those lock-ups really screwing the process. And the fact that ABH keep using the legal process to fight for this obviously inferior offer is disgusting. Link to comment Share on other sites More sharing options...
cwericb Posted March 28, 2012 Share Posted March 28, 2012 "And the fact that ABH keep using the legal process to fight for this obviously inferior offer is disgusting." Can't help but agree and if you look at the reaction in the press there is more and more criticism of Fairfax part in this. It seems so contradictory to FFH's "fair, friendly acquisitions" creed. How do they corelate their position in this takeover with their moto? Obviously the friendly aspect was missing from day one. And where is the fairness in trying to stiff shareholders out of a legitimate bid that is a full 30% higher? The costs in this mounting pile of crap I have been receiving must be horrendous. May drive up the price of paper though... Link to comment Share on other sites More sharing options...
alertmeipp Posted March 29, 2012 Share Posted March 29, 2012 >>"fair, friendly acquisitions" Action speaks louder than words. Link to comment Share on other sites More sharing options...
cwericb Posted March 29, 2012 Share Posted March 29, 2012 "Actions speak louder than words" Exactly. It is not that one company is trying to force a takeover at the expense of shareholders. It is that the company behind this pretends to take the high ground and even derives its name from its motto of Fair and Friendly Acquisitions when nothing could be further from the truth in this case. As has been suggested, there would appear to be something going on here that beneath the surface and perhaps at a personal level. There have been all sorts of justifications and excuses given for Fairfax's actions. Some of those might be applicable in other takeovers involving less reputable companies. But when you have of "Fair and Friendly Acquisitions" and then back an "Unfair and Unfriendly Acquisition" it definitely changes one's perception of Fairfax - and for what?? Link to comment Share on other sites More sharing options...
rmitz Posted March 29, 2012 Share Posted March 29, 2012 There have been all sorts of justifications and excuses given for Fairfax's actions. Some of those might be applicable in other takeovers involving less reputable companies. But when you have of "Fair and Friendly Acquisitions" and then back an "Unfair and Unfriendly Acquisition" it definitely changes one's perception of Fairfax - and for what?? I almost have to believe that Resolute has gone off the reservation with the direction of the takeover following the lockup. It's possible that FFH is regretting that lockup and doesn't like how this is being done. Link to comment Share on other sites More sharing options...
SharperDingaan Posted March 29, 2012 Share Posted March 29, 2012 "I almost have to believe that Resolute has gone off the reservation with the direction of the takeover following the lockup. It's possible that FFH is regretting that lockup and doesn't like how this is being done." We would suggest that a large part of the ill-will is because it is highly likely that there will be senior level terminations at ABH once its over. No board (& related significant shareholders) appreciates being ridiculed as inept, especially when they had such overwhelming advantage going into this thing. The story line must also be galling; FBK management was inept, about to make a stupid acquisition, & the ABH bid was to 'save' everybody. The results to date suggest that ABH actually has the inept management. They might even be better off with FBK's senior management ;) Link to comment Share on other sites More sharing options...
alertmeipp Posted March 29, 2012 Share Posted March 29, 2012 down to 1.03, anyone going for a round trip? Link to comment Share on other sites More sharing options...
Guest Quebec Posted March 30, 2012 Share Posted March 30, 2012 Roundtrip... I averaged down and then sold all on Feb 14 @ 1.33 because I got scared by ABH reaction to the Merc offer. Now I am hopeful (low 1.0x price, osc, supreme court, merc fighting, hydro, reputations) and partially buying back. See this and the pdf linked within: http://www.stockhouse.com/Bullboards/MessageDetail.aspx?p=0&m=30879411&l=0&r=0&s=FBK&t=LIST Link to comment Share on other sites More sharing options...
triedtestedand Posted March 30, 2012 Share Posted March 30, 2012 Quebec: Here's a story I just Google News'd (is that a verb?) that's just been posted related to the OSC hearing: http://business.financialpost.com/2012/03/30/osc-set-to-hear-an-application-on-fibrek/ Link to comment Share on other sites More sharing options...
Guest Quebec Posted March 30, 2012 Share Posted March 30, 2012 Thanks for the news link Tried. I took the advice on the stockhouse board and emailed the OSC. I suggest those frustrated do the same. The fbk team deserve an hearing and the linked pdf is a strong case in my opinion of "acting on concert" Everyone must write the OSC (inquiries@osc.gov.on.ca) to stop this absolute tragedy and protect our rights to accept the $1.30 superior proposal. Link to comment Share on other sites More sharing options...
triedtestedand Posted March 30, 2012 Share Posted March 30, 2012 For any interested, here's the linked document: http://www.osc.gov.on.ca/documents/en/Proceedings-OTH/app_20120326_fibrek.pdf Quebec -> I fired off similar to OSC a few minutes ago. It's definitely a comprehensive compilation. I also let the author know that, as of December 31st (before MERC's bid), Steelhead had accumulated a non-insignificant position in MERC as well (check out NASDAQ institutional holdings for MERC), so it's not like Steelhead can argue that the stock portion of MERC's bid is totally worthless. Link to comment Share on other sites More sharing options...
FFHWatcher Posted March 30, 2012 Share Posted March 30, 2012 down to 1.03, anyone going for a round trip? Certainly tempting. Possible downside at $1.20 is $0.20 (assuming $1.00 is the floor offer with 16% downside and only 8% upside to $1.30). But at $1.05 or $1.06, there is only likely 5-6% of downside and 24% upside (to $1.30). Much more appealing here but I would hate to add up the number of times I have been burned on FBK. Perhaps this is a chance to make it back? Or perhaps this is a chance for me to get burned again? It would be an absolute travesty to minority holders if they only get $1.00. Absolute robbery with a $1.30 offer on the table. What Steelhead is doing is beyond an ordinary investors comprehension. Link to comment Share on other sites More sharing options...
Guest Quebec Posted March 30, 2012 Share Posted March 30, 2012 http://tmx.quotemedia.com/article.php?newsid=49893915&qm_symbol=FBK Fresh news this afternoon wrt Bureau de Décision. I'm back in with a meaningful position Link to comment Share on other sites More sharing options...
Guest Quebec Posted March 30, 2012 Share Posted March 30, 2012 FBK and MERC are not giving up the fight and we should prevails over the orchestral manoeuvres in the dark! Does anyone know when the lock-up expires exactly? I'm not too good deciphering prospectuses... " the date at which the lock-up agreements in favour of Abitibi terminate in accordance with their terms. " Link to comment Share on other sites More sharing options...
triedtestedand Posted March 30, 2012 Share Posted March 30, 2012 Quebec: Details are in the lock-up agreements, available at sec.gov website (under ABH filings from Nov. 28th/2011 timeframe). Check out section 4.1.c ... http://www.sec.gov/Archives/edgar/data/1393066/000119312511323478/d261775dex101.htm The lock-ups are for at minimum, 120 days after the Dec. 15th offer ... which would be mid-April. However, there is provision that if legal/regulatory issues are outstanding, they can extend for minimum of either a) 180 days from Dec. 15th offer, or b) 10 days after the legal/regulatory issues are outstanding. i.e. -> I don't think they will run out of time ... unless there is a breach to any of the covenants (4.1.e) , has materially untrue info (4.1.f), etc. Link to comment Share on other sites More sharing options...
triedtestedand Posted March 31, 2012 Share Posted March 31, 2012 Now here is a development!!! http://www.newswire.ca/en/story/948087/steelhead-partners-llc-announces-position-with-respect-to-resolute-and-mercer-offers-for-fibrek-inc Link to comment Share on other sites More sharing options...
alertmeipp Posted March 31, 2012 Share Posted March 31, 2012 Interesting indeed.. people are jumping ship. Link to comment Share on other sites More sharing options...
lessthaniv Posted March 31, 2012 Author Share Posted March 31, 2012 possibly PR given the argument against them is that they are colluding with the other shareholder's and therefore should have made previous disclosures. Link to comment Share on other sites More sharing options...
SharperDingaan Posted April 1, 2012 Share Posted April 1, 2012 - Steelhead cannot refute that they've been buying > the ABH bid price, or that their average cost is > the ABH bid price. Seperating themselves from ABH strengthens ABH's legal arguments. - They may also have a deal for the US plants - but no access unless they step away from ABH. Per the Q4 financials those plants are now coming back on line. They may well also be fed up with the Marx brothers, & at the end of their agreement. 5 months to do a simple takeover ?, it is STILL not over, costs are mounting, & ABH may be hitting them up for cash. Good for them. Link to comment Share on other sites More sharing options...
triedtestedand Posted April 1, 2012 Share Posted April 1, 2012 So does this mean that the most recent ABH tender requirement of 50.1% needs to be met WITHOUT Steelhead's support before Steelhead would also tender? If so, then without any other activity from ABH, then the most recent tendering results would have only the lock-up players proceeding (at 46.1%), and as such the tender expiring without the required 50.1%, the lock-ups expiring, and MERC's offer having opportunity to succeed (without the warrants). Or is that too simplistic? There's got to be more twists and turns in this yet, no? Link to comment Share on other sites More sharing options...
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