I'm not selling yet either but why would Hart offer a premium for something he already controls.
Any premium for a 3rd party in buying a company like BPC would be for the added value in the company, e.g. the management etc as noted. But the fact is he has that anyway, many of those management are his own people anyway, why would he pay extra to get them?
And then there is value in his and Degnan's ability to do a deal but frankly he'd be stupid to pay for that.
So in answer to your question as to why he should get a $'s worth for a $ the answer in reply is why the hell would he want to pay more than that?
BPC
burns, philp & company limited
