ABX says NO THANK YOU to ASTAR

[hanginupsidown]

just in case anyone is counting shares...Deutsche Investment Management Americas, Inc., a division of Deutsche Bank (owned by Deutsche Post) holds about 1.5 million shares of ABX Air.


:blush: ooops, Deutsche Post owns Deutsche Postbank.

my bad.

Hey Shoot, where'd ya dig that up. Wouldn't surprise me! Especially in the era of holding co.s etc............
Where does that put them on sudo % ownership tree??

 

[hvydriver]

p.s. then you get into a hostile takeover, which I understand ABX has a poison pill to avoid such actions.

I think you're right there Shooter. I recall reading about that in the prospectus Hete put out back in '03.

 

[ultrarunner]

the 45 million shares that are currently held by 116 major players. Until they decide to sell, there are not enough shares to just buy the company.

p.s. then you get into a hostile takeover, which I understand ABX has a poison pill to avoid such actions.

The press release indicated ASTAR wanted to buy the OUTSTANDING shares:

"...I am responding on behalf of the ABX Air Board of Directors to your unsolicited indication of interest to acquire all of the outstanding shares of ABX Air for $7.75 per share in cash..."

So they can buy nearly 59 million shares on the street for pretty much what they offered.

I didn't read they offered for held shares...only outstanding.

Now, they could easily go to the institutional holders with a sweetened offer....but in the mean time, if they really want the outfit, they should pick up the 59 million of outstanding shares, and then go after the institutional holders. The stock should be below 7 bucks here shortly anyway.

 

[shooter]

Hey Shoot, where'd ya dig that up. Wouldn't surprise me! Especially in the era of holding co.s etc............
Where does that put them on sudo % ownership tree??

It's all public information, required by the SEC, as they are an institutional investor (same goes for mutual fund managers). Individual stock holders are not required to disclose unless they hold 5% or more of outstanding shares of stock. (I hope this answers another question above as well.) That there are only 59 million outstanding (issued) shares of ABXA. Most of it is owned and held by institutional investors like banks and even the Ohio Teachers Retirement fund.


The German bank % is 2.5% for 1.5 million shares. By example, Vanguard Group that manage many money market funds own 3.5% of ABX Air in various Vanguard funds. Ohio Teachers retirement fund owns 1.7% of ABX Air.

 

[shooter]

you guys want some "light" reading? Read about Mohnish Pabrai. A genious mind and happens to have created and manage the fund that is the greatest shareholder of ABX Air.

http://www.forbes.com/forbes/2004/0607/154_print.html


His fund owns a whopping 8.8% of ABX Air, with 5.2 million shares.

 

[abxaviator]

The press release indicated ASTAR wanted to buy the OUTSTANDING shares:

"...I am responding on behalf of the ABX Air Board of Directors to your unsolicited indication of interest to acquire all of the outstanding shares of ABX Air for $7.75 per share in cash..."

So they can buy nearly 59 million shares on the street for pretty much what they offered.

I didn't read they offered for held shares...only outstanding.

Now, they could easily go to the institutional holders with a sweetened offer....but in the mean time, if they really want the outfit, they should pick up the 59 million of outstanding shares, and then go after the institutional holders. The stock should be below 7 bucks here shortly anyway.

You seem to misunderstand the term outstanding. It simply means ALL shares issued, whether held individually or by Institutional Investors.

 

[abxaviator]

The press release indicated ASTAR wanted to buy the OUTSTANDING shares:

"...I am responding on behalf of the ABX Air Board of Directors to your unsolicited indication of interest to acquire all of the outstanding shares of ABX Air for $7.75 per share in cash..."

So they can buy nearly 59 million shares on the street for pretty much what they offered.

I didn't read they offered for held shares...only outstanding.

Now, they could easily go to the institutional holders with a sweetened offer....but in the mean time, if they really want the outfit, they should pick up the 59 million of outstanding shares, and then go after the institutional holders. The stock should be below 7 bucks here shortly anyway.

You seem to misunderstand the term outstanding. It simply means ALL shares issued, whether held individually or by Institutional Investors.

 

[erichartmann]

"We unanimously concluded that our business plan is likely to deliver more value over time to our stockholders than the ASTAR indication of interest, and therefore, the indication of interest does not merit further consideration."....Doesn't look like there will be further negotiations. Board's opinion was unanimous. I don't think Mr. Dasburg and his airline fits into their plans.

ABX's BOD was unlikely to accept the first offer, particularly an informal expression of interest. To put another way, Daz just walked into the showroom, kicked a tire and offered something considerably less than sticker for the car. The salesman said no and politely requested Daz make a serious offer.

The games have begun. Hete and the BOD will sell if Daz (& DHL/DP) make the right offer. In the meantime, they will negotiate with ANA, and anyone else who comes along as well. While I don't think Hete wants to give up his toy, if there is enough money in it for him he'll laugh all the way to bank.

 

[inplaneview]

ABX's BOD was unlikely to accept the first offer, particularly an informal expression of interest. To put another way, Daz just walked into the showroom, kicked a tire and offered something considerably less than sticker for the car. The salesman said no and politely requested Daz make a serious offer.

The games have begun. Hete and the BOD will sell if Daz (& DHL/DP) make the right offer. In the meantime, they will negotiate with ANA, and anyone else who comes along as well. While I don't think Hete wants to give up his toy, if there is enough money in it for him he'll laugh all the way to bank.

Astar withdraws indication of interest for ABX Air
July 25 (Reuters) - Astar Air Cargo Holdings LLC said it withdrew its $7.75 a share expression of interest for U.S. freight airline company ABX Air Inc.
Astar, in a letter to ABX board, said it has decided to pursue other alternatives. (Reporting by Aditi Samajpati in Bangalore)

I'm not so sure there will be another offer. I'd wager that Joe has communicated back-channel to Mr. Dasburg that ABX has other plans that don't include ASTAR.

 

[fodc8]

Astar withdraws indication of interest for ABX Air
July 25 (Reuters) - Astar Air Cargo Holdings LLC said it withdrew its $7.75 a share expression of interest for U.S. freight airline company ABX Air Inc.
Astar, in a letter to ABX board, said it has decided to pursue other alternatives. (Reporting by Aditi Samajpati in Bangalore)

I'm not so sure there will be another offer. I'd wager that Joe has communicated back-channel to Mr. Dasburg that ABX has other plans that don't include ASTAR.

Or DHL............