The price is below our expectations, since we valued the group at up to 210p per share and so we are not surprised the board has rejected it. |
The question must be ... whether anyone could run it better than Alan Giles. Thus, there must be some doubt as to a bid emerging. |
They might get, in our view, on a decent day, an enterprise value of £2.9bn to £3bn but you've got to take £2bn of debt off that. |
This is an amazingly good price. |
This looks like a knock-out bid as the management, in our view, would be unable to raise the additional finance. |
Unless it has fifty per cent off or more, it is not selling. |
We question whether anyone will bid for the company. |
We still worry about next year, with fierce competition at the value end of the market, and...still look for a ceiling of around 800 million pounds on (fiscal year profits). |
We thought they'd had a worse Christmas than most people expected. They had a better Christmas, and they're talking about UK GAAP at the upper end of the range. |
We've heard there is an emergency managers meeting today. |
Whilst much of what Stuart has done has been relatively easy fixes, at least he has been perceptive enough to grasp the low-hanging fruit -- many wouldn't know what to do, |
Whilst the last time it was a '24-hour wonder', we think that there may be a reasonable chance that a deal could go through this time around, but it will take time for an offer to be formulated. |
With the chairman off, a downgrade and the Japanese no longer likely to bid, the shares are unlikely to make further progress in the short term. |