Unsure what to think of this....
On one hand, the share price is at a rock bottom at circa 5.0x EBITDA/EV. So any offer (if they can get one) should be at a significant premium and cash on balance sheet distributed to shareholders. Good upside from current share price.
On the other hand, it reeks of desperation as they obviously haven't received any credible approaches worth pursuing to date. And David wants out. Why so desperate to sell? What's managements view of the future earnings potential? If looking to sell at these prices, I suspect not so great... Otherwise, NTC would be engaging Luminis as a take over defense advisor as opposed to sell side.
Takeover time?, page-3
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