Post by
bbdguru1 on Jul 27, 2022 10:06am
Stelco Going Private
Just did some quick math...As of March 22 Insider ownership =
Alan owns 12%
Fairfax owns 18%
Bedrock owns 11%
After the Substantial Issuer Bid they will own the following:
Alan 22.5%
Fairfax 33..7%
Bedrock 20.6
Combined = 76% of outstanding shares
Even if Bedrock sells their remaining shares Alan and Fairfax have control!
What a game Alan and Prem Watsa are playing
Alan knows he making a killing at $850nt since he stated they can make money down to ~$450nt
Hold on to your shares, don't play into thier poker game with our investment.
They could have granted us a $20 special dividend and called it a day. The share price would have cratered short time, but long term it would probably hold in the 20-30 range giving us a total of $50 per/share.
Comment by
Tothemoon2 on Jul 27, 2022 10:25am
Zero and I mean ZERO percent chance that they get the full amount tendered. What I do see is them amending the offer up to say $39. I wonder if they stopped the NCIB for now.
Comment by
MalakaMoney on Aug 08, 2022 2:28pm
also, you would be crazy to accept the current offer as you will be dinged with a dividend of about $16 a share.
Comment by
Duke16 on Aug 08, 2022 5:24pm
They'll never take Stelco private anywhere near $35/share!!! New strategy required, the shares have been well above the $35 limit since they announce this.
Comment by
MalakaMoney on Aug 08, 2022 5:56pm
i think they need to get hammered on Thursday - if the cash isnt going to be used to purcahse 40% of the company as no one will sell at $35, they need to pay a large dividend