...”The worst-case scenario would see a wind-down of the engineering unit at a cost of $1.2bn, which JPMorgan said put its valuation at $15 a share, meaning the company could show strong returns from its depressed price
There is widespread market unhappiness about Lendlease’s tardy disclosure of problems, ahead of tomorrow’s annual meeting.
But the company has been dubbed “takeover proof” by investment bankers, who said the difficulty of ascertaining the depth of problems in the engineering unit and how they could be solved was unknowable to potential predators.
The prospect of private equity players targeting the beaten-down company has also been discounted as the groups are not able to apply substantial leverage against construction companies due to their volatile earnings”......
Cheers
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)