undervalued takeover target, page-3

If WES is ever going to be vulnerable to a takeover, this is the time, with the housing situation and the drought.

But even then WES has very loyal long-term shareholders who have become rich on the back of WES. Most probably cant even remember in his bottom draw the share certificates are.

However, I have always felt that a trade sale of Bunnings (perhaps to Home Depot) is a possible end game.

WES havent been reluctant to sell good assets at the right price. They prefer to do good things with their capital (including returning to shareholders)