In today’s briefing:
- Frasers Hospitality – Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings
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Frasers Hospitality – Will TCC Renew Its Takeover Offer? Market Prices Bet Yes Ahead of Earnings
- 400+ days ago, the TCC Group bid for Frasers Hospitality Trust (FHT SP) at just over 1.05x NAV failed on a combination of vocal minority opposition and minority apathy.
- FHT has dramatically outperformed plummeting peers over the last few months on hope TCC might re-up that bid, but weaker peers and CRE markets suggest financing could be tougher.
- Nothing is impossible, but it might make more sense for TCC to up its stake by stealth here rather than brute force. Earnings are 7 November.