Speculation that a takeover of S&N is imminent is resurfacing again. S&N had been the recurring target of takeover speculations for months, and as before we will argue against such speculations, or at least against a high premium bid. We have been correct for the time being. Our argument is centered on value. S&N is simply too expensive, and any acquisition which would involve a premium would be value destructive. At the current share price, S&N is about as expensive on a relative basis as Covidien in its deal with Medtronic, although S&N’s growth expectations are significantly higher. A premium for S&N would mean the acquisition to be even more overvalued. The market is speculating on a 30% premium which we think is totally unrealistic from a value point of view.