Generally agree with Patient comments. I would be surprised...

Generally agree with Patient comments. I would be surprised though if some of the hoops on FIRB etc haven't already been jumped through to save board embarrassment, hence there supporting the bid.

My interest is today's trading activity. Lots of very large block match trades at 4.645

Others may know how to get to the bottom of buyer but given matched trades this looks like either;
1. Existing larger Shareholder's getting out now to Baring manage FIRB risk and save waiting to Xmas; or
2. Existing sh's selling to one of the other PE firms on register so another bod could be on it's way

9.4 times EBITDA is not expensive - another bid could come and maybe board accepting was to flush this out? Interested in others views.

I will be looking for updates to major shareholder register to provide the answer but if it's 2 I think the price has further to go.