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F&C Counter Bid ‘Not Impossible’ Given Low Takeout, Numis Says 2014-01-27 13:46:32.626 GMT
By Chris Malpass Jan. 27 (Bloomberg) -- F&C offer price of 120p plus 2p dividend is not a “significant” premium, would value co. at about 13.5x est. FY14 PE, Numis says in note today. **That’s ~10x if bidder BMO can refinance debt * 122p “looks like floor price” * Sees no read-across to other asset managers as “none are as cheap as F&C” * Notes that ex F&C Chairman Edward Bramson probably contacted any potential bidders a few months ago before he left and they decided not to bid * NOTE: Offer (ex-div) premium is 31% to 50-DMA; 26% to 100- DMA; 24% to 200-DMA * NOTE: Bramson stepped down 5 months ago
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To contact the reporter on this story: Chris Malpass in Berlin at +49-30-70010-6234 or cmalpass@bloomberg.net
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