michelmore

Michelmore is going to have to put half his war chest aside and buy back shares. For about $800m or so he could buy back 10% of the shares over 12 months.. Certainly if they through 1+1 > 2 was good value, then with the share price halving since then certainly this is the best use of cash.

To try to go out now into the market and do a big acquisition would be suicide I would think.

Plus the vote comes up shortly for re-election of directors, plus payouts and they will get roasted at that meeting.

Other alternatives include trying to realise some value in the assets with a partner potentially (such as Martabe)

Any lower and private equity will be knocking at the door- new business plan: how about return all cash to shareholders and resplit the company?