CDD -- The Next Two Years, page-22

Just says rebuilding and prepare for longer term growth, not sale.

Just my opinion:

Cardno is a terrific company. With or without Cresent, Cardno will succeed and continue to ‘make a difference’. (Sorry for dropping their tagline)

Maybe I’m just ignorant.

— Selling the business is only one way to make a return.
— They probably actively trade the stock.
— They will want fully franked dividends.

— Buybacks are increasing their percentage.
— They bought much higher than today
— They also bought lower.

They will only sell for the right price (who wouldn’t). After spending so long to rebuild, they would to stupid to let go for anything except a very good return on capital — many multiples.

— They could make another takeover attempt.
— They could make a block trade.
— Maybe even sell on market.

Who knows

If I was them I’d use Cardno extract a regular return via dividends. With today’s low interest rates, even 10% return pa would be worth holding.

I have no idea what’s around the corner. I like what I see at the moment and ready if things change.