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Great Ajax Corp T.AJX


Primary Symbol: AJX

Great Ajax Corp. is an externally managed real estate company. The Company’s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on re-performing mortgages, and to a lesser extent non-performing mortgages and real property. The Company primarily targets acquisitions of re-performing loans (RPLs), which are residential mortgage loans and non-performing loans (NPLs), which are residential mortgages. It invests in single-family and smaller commercial properties directly either through a foreclosure event of a loan in its mortgage portfolio, or, less frequently, through a direct acquisition. It may acquire RPLs and NPLs either directly or in joint ventures with institutional accredited investors. It may also acquire or originate small balance commercial loans. Its manager is Thetis Asset Management LLC. It conducts its business through its operating partnership, Great Ajax Operating Partnership L.P.


NYSE:AJX - Post by User

Comment by dt_coreon Oct 14, 2021 10:29am
130 Views
Post# 34004907

RE:Thoughts

RE:ThoughtsThat's the big question that will be answered if competing bids surface or not. If there is truly embeded value in the tech and IP that hasn't necesarily translated into revenue as of yet then that should be reflected in a purchase price. If at the end of the day the company sells to Kubota for 75 cents without other bidders surfacing then it suggests OEMs think no additional value exists. Other bidders may be disuaded from making a bid given that Kubota can match any offer so IMO a potential new suitor would have to offer a significant premium over the current bid to have a shot at acquiring AJX. Given that it possible that any other interested parties simply don't bother doing the work to make a bid. On the other hand there are several reasons why another bidder could emerge. So who could a new bidder be? Either an existing customer that is behind the tech curve (e.g. Mahindra), another unrelated industry participant that has been left stranded from recent industry consolidation (e.g. Agco), or perhaps a competitor of Kubota that wants to block them from acquiring AJX tech and the ability to launch IP lawsuits (e.g. Deere/CNH). It's also possible that Kubota sweetens their offer somewhat (e.g. 85 cents) given the lackluster response to the offer from many shareholders. We shall see. The stock is trading as if investors expect Kubota to modestly sweeten their offer. Time will tell.
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