A thought to ponder: While one may remain cynical regarding the rumoured suitors of Capital & Counties, said to be a Middle East Sovereign Wealth Fund, US private equity, and a UK housebuilder – the detail does not matter, the strategic angle remains relatively straightforward. If only on a risk / reward basis.
The rise in the shares after a little dance either side of 270p still leaves the stock some 50p below its NAV. Therefore one would assume that even if there is no M&A there is a value play here. Otherwise, even the meanest offer for this company – say below the 334p NAV level, at even 310p, would be a decent upside from current levels. Perhaps the recent shenanigans at Hispania will expedite the process?
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