GEO: Boart's 60% premium, Orbit, Foraco, Major Drilling...The companies with many rigs for the mining industry are counted on the fingers of the two hands.
On that front, Boart Longyear was recently acquired by American Industrial Partners with a premium of about 60%, according to the link below, despite the fact that it was an indebted company:
https://americanindustrial.com/american-industrial-partners-enters-into-arrangement-agreement-with-boart-longyear-for-take-private-transaction/#:~:text=American%20Industrial%20Partners%20Completes%20Take%2DPrivate%20Acquisition%20of%20Boart%20Longyear&text=New%20York%2C%20NY%20%E2%80%93%2010%20April,of%20Boart%20Longyear%20Group%20Ltd.
https://www.afr.com/companies/mining/boart-longyear-floated-for-2-35b-agrees-to-543m-takeover-20231227-p5ettd
https://simplywall.st/stocks/au/materials/asx-bly/boart-longyear-group-shares/news/boart-longyear-group-asxbly-has-a-somewhat-strained-balance
If Boart had a healthy balance sheet with a net cash position, the premium would be even higher.
Foraco is even more indebted than Boart, so the potential suitors will most likely avoid it.
Orbit Garant is indebted too.
Major Drilling has announced several acquisitions over the last years and GEO could be next.
GEO's CEO, founder and and biggest shareholder has said that he will sell if the price is right. He has been in the business for many years, and he does not seem to want to die while working for GEO.
GEO has a strong balance sheet with a net cash position.
GEO will increase its revenue and its profitability in 2024 after the exit from Mali and Burkina Faso in 2023.
After all, a buyout offer and a very good premium are on the horizon.