Michelmore is going to have to put half his war chest aside and...

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?