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Hudson City Bancorp, Inc. Message Board

  • razzledazzle5050 razzledazzle5050 Feb 25, 2005 2:59 PM Flag



    Price: $10.00 per share

    Minimum Maximum
    Number of shares 361,250,000 488,750,000
    Gross offering proceeds $ 3,612,500,000 $ 4,887,500,000
    Estimated offering expenses(1) $ 108,122,000 $ 159,122,000
    Estimated net proceeds $ 3,504,378,000 $ 4,728,378,000
    Estimated net proceeds per share $ 9.70 $ 9.67

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    • If by they you mean the regulators, yes they could. They could allow/accept for lower appraisals. Or, if a deal was at the min on subscription they could say close it, as opposed to saying, "go to the community." Of course, their role is to get as much captial as possible on to the balance sheet of the bank, not to look out for stock purchasers.

    • I apologize for poor language. I meant "specialist" as a thrift botique handling offering itself. The usual suspects would all take this deal--because of the fee size--even if they had no hope of supporting the price after offering. I don't think Lehman, or another larger house, would.

    • {{Sandler or whomever, know the pricing is in the hands of the appraiser and the regulators.}}

      Does that mean they could cut if off at min or mid instead of killing the buyers of the ipo cause a gullible bunch of deposit holders buy into the deal thinking its easy money?

    • <<My point was that thrift specialists are gonna jump at a deal this size.>>

      Why? Why wouldn't a bigger deal cause them to be more scared of it falling when everybody sells?

      Any "thrift specialist" already owns HCBK.

      The largest bank/financial fund is $1.5 BB. This deal is $4-$5 BB. There isn't enough $$$ in thrifts/bank investors to fund this deal -- this is hot money which is coming in and getting out. Watch how quickly it leaves, whether HCBK opens up 1 point or down 1 point.

    • I'm not trying to shill, or even endorse, Lehman. My point was that thrift specialists are gonna jump at a deal this size. These guys, be it RB, FBR, Sandler or whomever, know the pricing is in the hands of the appraiser and the regulators. That's why--among other reasons--these things always go best efforts, as opposed to firm underwriting. Lehman is a different kind of Ibank, with a different kind of clientelle. I don't know CSCD, and I'm sure you are correct about it, but i do know that Wall Street Ibanks try not to blow up clients, and getting them to take alarge slug of HCBK at 10 will lose them some business if it goes to 8.5
      Really, this is a long winded way of saying that it seems to me that HCBK management realizes thsi thing will be a tough sell, and is acting accordingly. As a stockholder and a depositor I look at this as a good sign. Of course, i look at the P/B after the transaction as a bad sign, but what are ya gonna do?

    • You're forgetting...the environment for bank stocks was alot better. Alan G. is raising rates and the yield curve is almost inverted.

      I wouldn't be surprised if the sheer weight of the number of shares forced HCBK down to $8 1/2 like CFFN. Remember, who's buying all these shares? Long-term value holders -- or flippers? What happens if they all flip at $10 1/2? What happens if they all flip and it's already below $10 ?

    • postacct2000
      I appreciate your writing even though I do not agree with what you write about Lehman.
      You sound so darned positive about Lehman's ethics by implying that anything they touch turns to gold. They recently did an ipo of Cascade (CSCD). The thing was to be priced between 10-13. Instead, LEH did the ipo at $14. CSCD collapsed to less than 10 in 30 days. LEH came out with a buy recommendation when it was 10. CSCD is now trading between 10 - 11.50.

      So please, think before you give your blanket endorsement to a wall street firm. You may unintentionally be building someone's reputation, good or bad, and you may even sway some minds, even though you did not mean to do so.
      Thank you.

    • they know what they are doing,they will get get a few fat cats to buy 3 mill the max alowed to by by single person and they will have some kind of pop .(I WOOD SAY .70 to 1.10)like provident ny montibello. but look at PRTR they had to go to community stage and they did close the deal they opened up 10.05 and then went as low as 9.40 before doing acome back but i must say they did buy a bad bank on the way.hcbk is not buying anything (bank)and they are going into the best market a bank could go into to ...NEW YORK so hold on this bank is going to be another greenpoint northfork independence community

    • I know, I can't figure it out either. Still, their name is in the book, and if this baby don't pop, regardless of amount sold, they look bad.

    • I still wonder how Lehman pumps it to the big clients when (assuming the stock stays here or below $40) the client knows the $10 ipo buy is already going to trade at below cost on the opening?? Usually secondary deals are sold below market about 2 to 5%.

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