Ann: DSK FY23 Announcement, page-37

Lots of T/Os both on the ASX and overseas.

Interestingly there's been minimal activity in the retail discretionary space.

Tho overnight Hotel Chocolat received a T/O offer from Mars at a 170% premium to the prior close.

HOTC.L is a premium product (60% GMs) but has a chequered listed history (including accounting anomalies and botched store expansion) and was actually running losses for the past couple of years.

The price paid to HOTC.L equates to an eye-catching trailing FY23 Price/Sales multiple of ~2.5x.

For comparison lots of retailers such as DSK currently trading at ~0.4x trailing P/S and are profitable & growing store count.

P.S. Not looking for T/O here - twas more the price and the fact there was some M&A activity from the private space.