AZZ directors, page-13

"The failure of AZZ assets to be recognised is a failure whether you are long or short."

I disagree. Unless you have a crystal ball and can know for certain if they will get other offers and the value of those offer, then whether or not it is a failure depends on your timeframe and what happens next.

Yes they turned down the $300 million offer, but if they are able to get a substantially better offer in the near future, for example $500 million then it would have been a great decision. If they don't then it would have been a terrible decision.

I don't think you can make that judgement at this particular point in time if you think the asset is worth more than $300 million and you have a longer investment horizon and you are willing to accept the risks that go along with having to hold out for a better offer.

My own view is that $300 million was too cheap, and I was happy for them to abandon that deal and hold out for more, accepting that there are risks that go along with this approach as that it may take too long to work out, or that it may not work out all and no better offer may ever come along.