Ann: Joint Statement Re Potential Cash Acquisition, page-6

"This feels like unders. They're making an offer basically at the point EPS is expected to have bottomed just before the expected growth shows up. Most of the market looks frothy AF so I don't really want to be bought out with cash to go buy some business worse than this one I already own. if there's a shareholder vote I'm voting no."

The offer does feel a bit light-on and like the acquirer is timing it's move in the expectation that the interest rate cycle is about to ease.

It's quite a strange announcement; this is not an actual offer to purchase, but merely a potential offer to purchase. Still, I think that given the VUK directors' endorsement of an offer should it arise, I strongly suspect it is a done deal, even of it is occurs via an arrangement that requires a shareholder vote.

I place a 97.5% certainty of the takeover proceeding.

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