If you look at their cash hoard, it was 348 M, June 30, 2013, 404 M, Dec. 31, 428 M, March 31, 2014. Plus a debt facility reinforced (320 M).
I thought they were preparing a TO, with the two targets everybody knows, DLS and COE. Nothing happened, and with the recent BMG deal, a COE TO is less likely.
I thought they needed the money for their E/D program, but they are still piling up cash.
IMHO, they have to take a decision, because their job is to make their money work. Otherwise, they could be somewhat ridiculous...
A-N
war chest, but which war ?
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