Takeover Bid at Work

Sydneyswans on 13/10/2020 - 19:42

Yesterday an announcement was made to the ASX that my company was subject to a takeover bid. I work for a well known financial organisation (you may have worked out by now who I work for).

I've been working there for almost 5 years and am now working in a role essential to the company. Started out in customer service and moved into an operational role

Now I'm wondering where do I go from here? Do I spruce up my resume? Will my job potentially be lost to someone else? What do you do to prepare if there's a restructure? Just wanted to get some thoughts and ideas

Education & Work

Comments

  • forrester on 13/10/2020 - 19:47
    +5

    From what I understand, there has only been a 'conditional, non-binding indicative proposal' (ie not close to an official takeover offer at all at this stage) which still needs to be accepted by shareholders. I think you have some time to gather your thoughts…

  • Drakesy on 13/10/2020 - 19:53
    +4

    Guessing you're with Link Administration then.

    Wouldn't sweat it just yet. Sounds like the buyer is just taking advantage of COVID's depressed stock prices.

    But if i've learnt anything when i was made redundant is to never get complacent. Especially inside a recession do the most you can to sell yourself.

    • Sydneyswans on 13/10/2020 - 20:00

      Correct drakesy that's who I work for. Thankfully there are employment possibilities with competitors and clients but for now just being cautiously optimistic

      • bobbified on 14/10/2020 - 15:16
        +1

        Feel free to come across to the next tower! :p

  • whooah1979 on 13/10/2020 - 20:09
    +1

    The new parent company will come in, take the good parts and sell or close down the rest.

    You'll be good as long as you're in the former group.

  • AustriaBargain on 13/10/2020 - 20:23
    +3

    When i was a kid i thought a hostile company takeover involved stormtroopers and kicking doors down.

    • AdosHouse on 13/10/2020 - 20:33
      +5

      Depends on what country you are in.

  • SelfMade on 13/10/2020 - 20:57
    -7

    "my company was subject to a takeover bid" should be re-written to "the company I work for was subject to a takeover bid"

    • SelfMade on 14/10/2020 - 08:04

      So many negs by salty ones who've got no idea who know how to start a company and run their own business…employee mentality LoL

      • whooah1979 on 14/10/2020 - 08:58

        OP is already a stakeholder. Who is to say that they aren't a shareholder?

  • Halo375 on 13/10/2020 - 21:40
    +1

    You’re asking questions that we have no chance of knowing. Best thing you can do is do your job well and keep your head down. Have your resume up to date and have a bit of a plan - do you actually want to stay with the company or would you accept a redundancy package? Stay positive and support your boss - they probably know as little as you do right now.

    • Sydneyswans on 13/10/2020 - 22:05

      I definitely have opportunities to earn elsewhere and achieved a lot in my career but but with the covid19 situation I'm not even sure how the human resource process works these days or how working from home would work for a new employee in a new role.

  • mskeggs on 13/10/2020 - 22:04
    +7

    After being involved in many takeovers on both sides, be very aware nobody is performing a role essential to the company. Very routinely, staff that are cut are determined by who wins the fight to be the boss of that division, who then keeps their people and gets rid of the others.
    Sometimes it is not even that sensible, and there is just a decision to cut that function entirely, as it is too expensive.

    The only really essential function is the CEO and their most favoured underlings. Every other role is vulnerable to a cut or an outsourcing. Obviously, these are disastrous decisions often, but that does nothing to save the jobs at the outset.

    • SF3 on 13/10/2020 - 22:49

      Agree with this. Also OPs “luck”.

      If you find the new place culture is off putting etc etc, you may want to leave anyway. Otherwise keep you options open so that you are either valued (because you do great work) or can be employed else where because you were able to keep your work relevant to roles outside the company.

  • orangetrain on 13/10/2020 - 23:02

    Unless they are talking about giving you something to stay, run. They'll get rid of you or treat you like shit

  • TChalla on 14/10/2020 - 11:56
    +1

    The takeover bid is by 2 PE Firms, if this does happen and taken private, PE firms are great at reducing costs which would in turn help improve the profit margins. It would then be sold off or listed again. LNK is a great business, it would be something that PE firms would be interested in especially with the volume uplift of what they are dealing with.

    Additionally, lobbing in offers like this is just a great way to access books for due diligence if it gets traction amongst the shareholders, the actual deal might not even go ahead and the final offer could be lower (even thought the offer was at a ~30% discount to value of the company).

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