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Teachers looking to buy TDs stake in MLSE

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  • Teachers looking to buy TDs stake in MLSE

    http://business.financialpost.com/20...stake-in-mlse/

    http://twitter.com/Liston

  • #2
    "The Pension plan will consider owning MLSE."

    My god ... my worst Nightmares have come true!!

    Next thing we know it'll be Silvestri being the one in charge of the Take Over.
    Last edited by Joey; Tue May 10, 2011, 06:17 PM.

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    • #3
      guess i'll buy a thunder jersey...
      @sweatpantsjer

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      • #4
        Wtf?!?!

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        • #5
          Boring...

          This is probably a good thing. They're still suggesting they want to sell and this is part of the plan. This play doesn't really give them any more power than they had. This is all I care about:

          Jim Leech, chief executive of the Teachers’, said the purchase of TD’s stake in the sports franchise is intended to “streamline” a potential sale process started by the pension plan last year.
          Less stakeholders means less obstacles in a potential sale.

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          • #6
            ok so lets get this straight teacher's own 66% TD owns 14% and chairman Larry Tanenbaum 20%, so if teacher's buyout TD they own 80%

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            • #7
              From the article, it sounds like Larry T. has the right to buy 20% of an owner's shares if they are sold. Stay with me: if Larry T. exercised that right on a OTPP sale, that would put Larry T., plus TD Bank at ~48%. That would put an incoming owner in a tricky situation. Now, with OTPP at 80%, the most Larry T. can get is ~36%.

              I suspect those numbers drove this purchase as TD Bank is likely getting the premium that OTPP wants.

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              • #8
                Apollo wrote: View Post
                This is probably a good thing. They're still suggesting they want to sell and this is part of the plan. This play doesn't really give them any more power than they had. This is all I care about:



                Less stakeholders means less obstacles in a potential sale.
                +1. This is just their way of making the sale less complicated. As a teacher myself, this makes sense. The pension is going to need to deal with the upcoming shortfall in pension payments. They need to liquidate this particular asset to meet that shortfall. Oh, Joey H. Don't panic too much. The OTFP is the largest and the most well- managed pension fund in North America. They're not in the business of screwing with an asset they don't intend to keep.

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                • #9
                  Arghhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh hhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhhh...

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                  • #10
                    Apollo wrote: View Post
                    This is probably a good thing. They're still suggesting they want to sell and this is part of the plan. This play doesn't really give them any more power than they had. This is all I care about:



                    Less stakeholders means less obstacles in a potential sale.

                    But what about ...

                    adding that if an acceptable bid for Teachers’ combined 75 to 80% stake doesn’t materialize, the pension plan will consider owning MLSE.
                    This doesn't make you AT ALL uneasy?

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                    • #11
                      Balls of Steel wrote: View Post
                      +1. This is just their way of making the sale less complicated. As a teacher myself, this makes sense. The pension is going to need to deal with the upcoming shortfall in pension payments. They need to liquidate this particular asset to meet that shortfall.
                      I don't disagree with this, and I realize the implications IF they sell.
                      I was mostly concerned with the bit about if a good deal doesn't materialize.
                      What do they consider a good deal?



                      Balls Of Steel wrote:
                      Oh, Joey H. Don't panic too much. The OTFP is the largest and the most well- managed pension fund in North America. They're not in the business of screwing with an asset they don't intend to keep.
                      This is also true, but again, I'm ready for a owner who isn't concerned with maintaining the well being and Lively-hoods of MILLIONS of people. How about an owner who just has a sh*t load of money to throw around?! Is that too much too ask Damnit?! haha

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                      • #12
                        slaw wrote: View Post
                        From the article, it sounds like Larry T. has the right to buy 20% of an owner's shares if they are sold. Stay with me: if Larry T. exercised that right on a OTPP sale, that would put Larry T., plus TD Bank at ~48%. That would put an incoming owner in a tricky situation. Now, with OTPP at 80%, the most Larry T. can get is ~36%.

                        I suspect those numbers drove this purchase as TD Bank is likely getting the premium that OTPP wants.
                        I am sorry I am not following. I did not see where LT is restricted to only 20% of a sale of mlse (right of first refusal). I have always heard this as being a match of any price offered Teachers for their total share. If there is any manouvering I detect it is that Teachers is increasing it's stake to possibly make it more difficult for LT to get the funds because of a larger amount now in play. Why? I cant say. Maybe LT was trying to buy TD out and Teachers came in with a better offer since it would be more attractive for a new owner not to have a 34% partner to have to deal with
                        Last edited by Bendit; Tue May 10, 2011, 08:24 PM.

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                        • #13
                          Balls of Steel wrote: View Post
                          +1. This is just their way of making the sale less complicated. As a teacher myself, this makes sense. The pension is going to need to deal with the upcoming shortfall in pension payments. They need to liquidate this particular asset to meet that shortfall. Oh, Joey H. Don't panic too much. The OTFP is the largest and the most well- managed pension fund in North America. They're not in the business of screwing with an asset they don't intend to keep.
                          ...just like a perennial losing team and a 22-60 season is not screwing with an asset. Just like not hiring a coach and gm is not screwing with an asset. I for one wish these guys woud start screwing with this asset.

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                          • #14
                            joey_hesketh wrote: View Post
                            This doesn't make you AT ALL uneasy?
                            Not really. I think it's a negotiation tactic.

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                            • #15
                              Couple of questions regarding this latest move by the OTPP

                              1. How does this affect Colangelo's status?
                              2. Does anyone get the impression that Tannebaum may just be sitting back and eventually emerge as the owner? Would that be good for the Raptors and Leafs?

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