asf"seriousness of this PE firm in their offer?"After two weeks...

asf

"seriousness of this PE firm in their offer?"

After two weeks we hear nothing other than “incomplete, indicative, conditional and non-binding”. Sounds more like a drunken new year’s resolution than a takeover.

I suspect we may soon be seeing a few MBOs for parts of PaperlinX.

Over the weekend we saw "PaperlinX to operate exclusively as Spicers in Canada" -

http://www.printcan.com/news/2012/20120106675.shtml

This follows similar moves in the UK & Europe.

Call me suspicious, but I read it this way:

(1) Local regional managers know their turf better than anyone;
(2) PPX picks up the tab for consolidating three brands into one (the case in Canada) which includes redundancies;
(3) Hey presto, MBO lobs at same time as a "PPX global group" offer.

The only person who'll make a motza out of PPX is a buyer capable of either:

(a) Rapid integration into an existing business (not PE); or
(b) PE with big orchestra stalls; OR
(c) The liquidator.

NOW is the time to buy as the industry is genuinely on its knees. No I'm not bagging anyone - this is an indisputable fact.

Which is why PPX won't be with us in 12 months time. It will either fold or be taken over in some form. PPX doesn't have the resources to survive Europe in its present form led by Marchant (who I now think is the problem).

That's why I made such a big fuss about the financial strength of Antalis which most here challenged/ignored.

The next important reports are 6 mths for Antalis, then PPX.

My gut feel is that the present PE Offer is a fishing expedition.

If Antalis puts in a bad 6 mths, and it usually reports before PPX, then PPX at 9 cents will be ancient history.

HEY GUYS, enter my QUIZ at suX and win a big prize.

These are personal views arising from research.