Ann: Non-binding indicative proposal to acquire Link Group, page-42

"This one is curiously 12c below the bid previously offered and withdrawn a year or so back. That indicates to me that it is pitched about right." Add to that the $100M of shares bought back since then which further cheapens this current offer relative to the last one. I'm not complaining about that per se, just adding it into the equation.

I am hoping the Board has learned from past mistakes, but you can never underestimate the power of self-interest. They have shown themselves very fond of that previously.