Ann: Proposed takeover offer by an entity associated with BBRC, page-12

I agree that this is just a mechanism for Allegro to sell to Blundy, and as a result they need to make the same offer to all shareholders. Remember private equity often have deadlines for holding periods to wind-up funds etc. That said Blundy is not paying a premium for control, and remaining shareholders become minorities, which is not ideal. There could be worse people in control of a retailer though.

I am a little surprised Jason Murray has also agreed to the price for his holding. Maybe he wants to retire, but he was very bullish and convincing in the last earnings call about the prospects for the next 12-months at least, and on that basis the stock is cheap and consensus earnings likely too low.

As a shareholder I am not selling to Blundy at these prices. Let him use his experience to improve earnings and I will happily take the dividends on the way through.