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Tuesday, June 14, 2005

IUSA - That was fast! CEO's buyout offer gives 20%!

I was taking a hard look at IUSA after it was knocked down 20% when it reduced guidance last week. Well, it appers that I should've moved sooner because the CEO, Vin Gupta came out with a buy-out offer today that put the price of the company back right up to where it was before the hit. By the way, CSFB looks like idiots here. "Well, we thought there might be a bid that would make our downgrade look stupid and...uh...there was." Smooth move, dorks.
FYI - I think there's a good buy-out arb here as the first offer in a buy-out is likely not the highest/best offer...
Relevant information:
- $11.75 cash per share (25% premium to price immediately prior to offer)
- Vin currently already holds 38% of the company.
- Transactions funds solely from acquistion debt financing
- Anticipated closing timeline: within 90 days
- Advisor: Rick Massey of Stephens, Inc. (Let's hear for those backwater Little Rock boys! They seem to have some staying power down there...)
- Other offers will not be supported by Vin
Damn, I wish I would've bought yesterday. Lesson learned.

10 Comments:

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At 6:50 PM, Anonymous Anonymous said...

Two things come to mind.

Why buy out?
If he wanted control, just a short jump to buy 51% , and a lot cheaper.

Does he want to buy it and take private to hide some accounting thing?

Does not make sense.

 
At 5:23 AM, Blogger Anonymous said...

The typical buy-out scenario means two things:
1. the market is significantly undervaluing the future earning potential of the company (at least to the mind of the acquiror). considering that in MBO's the acquiror is the CEO, i tend to believe them! vin believes that he can grow iusa beyond its current valuation.
2. the costs of being a public company are significant, especially in the days of SOX. removing these costs and using that cash to invest in positive ROI projects may also increase the value to the owner above market expectations.
in vin's/iusa's case i would note that the company is very profitable and owning a profitable company is a great deal.

 
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