IBG had a Bidding War! (Mgmt Info Circular)If you haven't sold yet (or maybe if you have), you may be interested to break open the Info Circular that you probably just received rerarding the upcoming vote on accepting the $19.50 Cash offer.
There's a LOT of detail about how the deal happened starting on Page 28.
In short, another 3rd party (not Arcadis) expressed interest in NOV 2021 and had a lower-ball offer to start and Arcadis didn't show up until APR 2022.
In APR/MAY they opened up a data room and had 5 companies come in and kick the tires. In the end, that 3rd Party and Arcadis were the lone standing bidders.
Stewart had a bidding war on its hands and Arcadis was about to lose the deal until they came in with the final $19.50 winning bid at the 11th hour and 59th minute.
There's a $38M break fee, so a superior offer would have to come in at $21 and change to start making sense, which is highly unlikely (in my non-professional opinion).
From the start of all of this to the end, Scott Stewart DID more for his shareholders and GOT more for his shareholders while at the same time doing what was right for his people and his business.
Yes, in the end, he walks away with a small monetary boost due to the change in control, but after a 40+ year career where he did many things right (especially after the amazing recovery in the last 10 years), he desreves every penny.
A leadership with this kind of dedication, rigour and integrity is hard to find, folks.
All the best!
CR.