In today's mail, I received the "Bidder's Statement", which I read.
It's difficult not to agree with their analysis of the utter ineptitude of the present management. Despite which, the company remains very viable and has enormous potential.
That McPhersons is doing as well as it is despite the efforts of the previous CEO and the snoozing board speaks volumes about what a great company and what great potential it has and importantly points to the true value of the company which Gallins recognizes.
Note to Mr Perkins of Gallin Pty Ltd.
Your Bidder's statement clearly indicates that you see the enormous potential and value in McPersons. Thus your offer of $1.34 is derisory at best and truly insulting at worst. It's a foolish joke that does you and your company a grave disservice.
When your takeover fails, as it surely will at this offer, MCP will blunder on with its present crop of duds on the board and still be paying half way decent dividends. Lift your game and stop trying to rip off the current shareholders. And offer around $2.00 will see you gain control and earn the respect of those that choose not to sell who will be happy to see you take control of the company and deliver on the wonderful potential which it has.
MCP Price at posting:
$1.42 Sentiment: Hold Disclosure: Held
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