jamesmadison Posted October 13, 2016 Share Posted October 13, 2016 Recent write-up on SA. http://seekingalpha.com/article/4011697-alliance-healthcare-growth-stock-value-stock-price Link to comment Share on other sites More sharing options...
zippy1 Posted November 4, 2016 Share Posted November 4, 2016 http://finance.yahoo.com/news/alliance-healthcare-posts-3q-profit-090257224.html NEWPORT BEACH, Calif. (AP) _ Alliance HealthCare Services Inc. (AIQ) on Thursday reported third-quarter profit of $1.5 million. On a per-share basis, the Newport Beach, California-based company said it had profit of 12 cents. Earnings, adjusted for non-recurring costs, came to 33 cents per share. The radiology and radiation therapy service provider posted revenue of $127.1 million in the period. Alliance HealthCare expects full-year revenue in the range of $505 million to $535 million. Alliance HealthCare shares have decreased 5 percent since the beginning of the year. The stock has fallen slightly more than 4 percent in the last 12 months. Link to comment Share on other sites More sharing options...
gurpaul88 Posted December 6, 2016 Share Posted December 6, 2016 http://www.businesswire.com/news/home/20161205006178/en/Alliance-HealthCare-Services-Announces-Partnership-Sodexo-Healthcare Link to comment Share on other sites More sharing options...
RuleOneInvestor Posted December 12, 2016 Share Posted December 12, 2016 http://www.businesswire.com/news/home/20161212005400/en/Alliance-HealthCare-Services-Receives-Expression-Interest-Controlling Link to comment Share on other sites More sharing options...
sae85400 Posted December 12, 2016 Share Posted December 12, 2016 $9.60/share Link to comment Share on other sites More sharing options...
Gamecock-YT Posted December 12, 2016 Share Posted December 12, 2016 Not a bad move by them. Trying to buy at 50% off what they paid from oaktree. I'm not interested in selling here. Link to comment Share on other sites More sharing options...
Guest roark33 Posted December 14, 2016 Share Posted December 14, 2016 This situation is somewhat odd. Not sure how to think about it, but I don't really like the business. Anyone following this? Link to comment Share on other sites More sharing options...
Gamecock-YT Posted December 14, 2016 Share Posted December 14, 2016 This situation is somewhat odd. Not sure how to think about it, but I don't really like the business. Anyone following this? Lowball effort or a nice way to improve the MTM...you decide. Link to comment Share on other sites More sharing options...
zippy1 Posted April 11, 2017 Share Posted April 11, 2017 http://finance.yahoo.com/news/alliance-healthcare-services-enters-definitive-125500991.html Alliance HealthCare Services, Inc. (AIQ) (the “Company,” “Alliance,” “we” or “our”), a leading national provider of outsourced radiology, oncology and interventional services, announced today that it has signed a definitive merger agreement with Tahoe Investment Group Co., Ltd. (“Tahoe”), formerly known as Fujian Thai Hot Investment Co., Ltd., THAIHOT Investment Company Limited (“THAIHOT”), THAIHOT Investment Company US Limited and Alliance HealthCare Services Merger Sub Limited (each an indirect wholly owned subsidiary of Tahoe, and, together with Tahoe, the “Tahoe Group”), pursuant to which the Tahoe Group will acquire all of the outstanding common stock of Alliance that is not beneficially owned by the Tahoe Group or owned by Alliance as treasury stock, for US $13.25 per share in cash, or a total payment of approximately US $75 million to equity holders of Alliance other than the Tahoe Group. Link to comment Share on other sites More sharing options...
Gamecock-YT Posted April 11, 2017 Share Posted April 11, 2017 Ugh. Probably too small to get an activist involved. Need to get this in front of Mangrove somehow Link to comment Share on other sites More sharing options...
flesh Posted April 11, 2017 Share Posted April 11, 2017 Lol, I just started doing dd on this yesterday, was one of the few ideas I've found lately I thought was worth putting some time into. :-\ Wasn't it pretty obvious ahead of time that second offer would be put forth and raised? Thinking out loud here, although I can't enumerate examples from personal experience, if a company is undervalued at least somewhat, and an acquirer makes a below market offer, isn't that just a way to set the bar low for a revised offer? If it's true that companies rarely sell for below market, at recent lows, it seems this should be the case. If they didn't already own greater than 50% of shares, It's quite unlikely this offer would be accepted, adding to the thesis. Trying to understand if this should have been seen an a high probability outcome ahead of time. At 10/share the company was anywhere from somewhat to very undervalued depending on future margins, which look to be turning up according to my inadequate dd. You could have had downside protection buying at a low value with a high probability of a quick 20% plus. Link to comment Share on other sites More sharing options...
Paarslaars Posted April 11, 2017 Share Posted April 11, 2017 Still too cheap, Oaktree screwed us on this one. Link to comment Share on other sites More sharing options...
Guest Schwab711 Posted April 11, 2017 Share Posted April 11, 2017 What is your valuation? 6.4x EV/EBITDA is identical to Thai Hot's prior offer at $18.50/share in 2015. Going multiple for low middle market is roughly 7x. AIQ is highly levered and in a low margin (commodity) business, so it should probably get a lower multiple. It also doesn't look like they will be profitable for common shareholders in 2017 after the recent rate hikes. 2017 FCF will probably be around $25m-$30m with current CapEx (5x to 6x declining FCF, that will further decline with each additional rate hike). Their equipment seems to be relatively old so current CapEx might be a bit low going forward. I'd also think a highly levered company would deserve a lower multiple (4.4x). Link to comment Share on other sites More sharing options...
Packer16 Posted April 11, 2017 Author Share Posted April 11, 2017 I get closer to 6.0x based upon 2016 actual & 5.7x EBITDA on 2017 projections, removing the MI net income. So it is really cheaper than the ThiaHot PP. If you apply a 6.4x multiple to 2016 actual you get a stock price 60% higher than the offer. Packer Link to comment Share on other sites More sharing options...
Gamecock-YT Posted June 19, 2017 Share Posted June 19, 2017 Rather interesting that shares are trading above the sale price. Was up almost 3% above buyout this AM. Link to comment Share on other sites More sharing options...
Packer16 Posted July 26, 2017 Author Share Posted July 26, 2017 Did anyone else get a call from an IR firm trying to get you to vote for the deal (paid for by AIQ)? I wonder if they have enough votes to pass. I told them no & am going to request appraisal rights. Packer Link to comment Share on other sites More sharing options...
maybe4less Posted July 26, 2017 Share Posted July 26, 2017 Did anyone else get a call from an IR firm trying to get you to vote for the deal (paid for by AIQ)? I wonder if they have enough votes to pass. I told them no & am going to request appraisal rights. Packer Hey Packer, No position in AIQ, but just curious what you expect it to cost you to pursue appraisal rights? Thanks Link to comment Share on other sites More sharing options...
Laxputs Posted July 27, 2017 Share Posted July 27, 2017 I have a position but did not receive a call, yet. I will also tell them no to the deal. Please input any updates and thoughts here. Link to comment Share on other sites More sharing options...
Gamecock-YT Posted July 27, 2017 Share Posted July 27, 2017 I have a position but did not receive a call, yet. I will also tell them no to the deal. Please input any updates and thoughts here. Ditto. Link to comment Share on other sites More sharing options...
biaggio Posted July 27, 2017 Share Posted July 27, 2017 I have a position but did not receive a call, yet. I will also tell them no to the deal. Please input any updates and thoughts here. Ditto. Ditto In hindsight we(I) should have sold when OAK sold. At the time it appeared cheap. I should have figured that OAK would not have sold at $18 if it was worth much more...but I didn't. The current bid looks too low, but I am biased. I would be interested in what you guys feel may happen here. Link to comment Share on other sites More sharing options...
Vanshon Posted July 28, 2017 Share Posted July 28, 2017 I got a call last night. They were very helpful and told me they could even take my proxy over the phone. Haven't committed either way yet. Link to comment Share on other sites More sharing options...
Paarslaars Posted July 28, 2017 Share Posted July 28, 2017 I have a position but did not receive a call, yet. I will also tell them no to the deal. Please input any updates and thoughts here. Ditto. Ditto In hindsight we(I) should have sold when OAK sold. At the time it appeared cheap. I should have figured that OAK would not have sold at $18 if it was worth much more...but I didn't. The current bid looks too low, but I am biased. I would be interested in what you guys feel may happen here. After OAK sold the stock dropped below the current price as far as I remember? I sold a while back at $13.20... I do not have confidence minority shareholders will get a fair deal and do not have the resources (or allocation) to take legal actions. Link to comment Share on other sites More sharing options...
Gamecock-YT Posted August 4, 2017 Share Posted August 4, 2017 knocked it out of the park for Q2. Shares dropped in response, wonder if people/merger arbs are afraid the vote isn't going to pass. Not having an earnings call either. Link to comment Share on other sites More sharing options...
zippy1 Posted August 4, 2017 Share Posted August 4, 2017 So I kind of wonder whether there are enough shares held by the board members to block it? Link to comment Share on other sites More sharing options...
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