"The statement's quoted from the CC re expressions of interest from other firms was unusual."
I've seen it before. I hold HTSI and they recently said they had discussions with two possible buyers and that they hired JPM to advise them. Stock took a jump on that news and had been slowly and steadily climbing since then, IMO 90% chance will be bought but not at a huge premium, maybe 10-15%.
Anyway back to NAP. Putting myself in a buyers shoes I have two conflicting thoughts:
- I would want to be at the table now in any discussion of financing as I might be the inheritor of that decision. Or they (PAL) may come up with a financing plan and give me a chance to offer a firm alternative before they proceed. A deep pocket buyer may not need any financing.
- On the other hand I would be hesitant to act now because of the $500-$600 estimated Q2,Q3 cost and of course Vezza "situation".
I don't see a bidding war - remember any buyer also takes on about 100M of debt and an operational situation that is murkey. IMO max would be 2.50.
And it is quite appropriate to talk about any takeover. Anyone is free not to read it. The whole world is not just RSI.
FYI I know from telephone call I had with Camilla that they do read this board. She mentioned something only a reader of this board would know. So at a minimum be polite.