Oaks seems to have a close affiliation with Meriton Apartments and ofter gets the serviced apartment operations in there developements.. I am not sure what the profit is like but there operation seems pretty good..
These guys are still around? Last time i looked at them (a couple yrs ago) they were in the process of being taken over. Looks like that fell through.
Looks like someone else is buying up a stake, seems to me that the board is pretty keen to sell.
Takeover bid placed at 35c. Any comments?
It's ok, but I'm not selling.
My mum however did sell on market for $0.35.
I'd rather hold for the recovery and future dividends.
Aussie accommodation industry projections for CY2011 are very strong. Add that onto Oaks' already strong HY2011 operating profit and we will have a ripper year, if neither Minor nor ANZ do anything to stop that.
OAK is my largest holding.
Looks like a good decision...OAK went biserk today and shot up to 46.5 cent... the takeover offer is at 35c.
In fact it has traded above the takeover price for some time.
Any news/rumours?
I heard there is no way competitors will let Minor get entry to australian market without paying a big premium.. thus they will put in competitive bids to really push this up ..
(Oaks slammed by Sydney City Council in court to shut down Harmony on Quay St and big proportion of Maestri Towers Sussex Street as serviced apartments as not zoned for short term stays..)
not up to date on it but believe there is alot of family involvement on this one and intentions to change the board re-appoint the board etc etc ..
36% of so of Brett's stock was taken by receivers, and Brett sold a further 5% to Minor (Thailand), so the Pointons have far less influence than previously.
Brett is looking to be reappointed as CEO and kicking out the majority of the board. He'll be writing a letter to shareholders soon.
It'll be interesting, most definitely!
Right now I'm sitting on a nice profit after the recent spike to $0.45...but I'd still rather some financing certainty like a capital raising and fixing the Dubai situation!
The word is that anyone looking to buy that 36% stake also need to launch a full takeover for the company... that's the law apparantly. That's probably the cause of some excitement.
It's stayed at this level for a few days now so probably something real in the wings... pure speculation on my part howerer.
“Whilst ostensibly Oaks and RFG’s business formats and revenue drivers would appear disparate, on closer inspection the respective business models are closely aligned, attractively synergistic and provide a tangible opportunity to combine the relevant divisional strengths of both enterprises given their remarkable similarity.”
One of the stranger takeover... RFG (Retail food group) taking over OAKs. RFG runs a whole bunch of food outlets, OAKs are all hotels.
This is from the announcement today...
How? Where's the synergy? What are the shared competencies? The only thing they mentioned was the franchising model - drawing a pretty long bow imo. What else are they going to do? Cross sell donuts and coffees to the hotel guests?
And the two businesses have completely different capital requirement... the market will normally punish such a business by giving it a lower multiple. If I was a RFG shareholder I would definitely question such 'empire building' action of the board.
And last but not least - there is no mention of how RFG is paying for the acquisition - are they going to pay with donuts?!
They have directors in common, which means they likely understand how to combine them well. They will pay part cash and part shares.
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