something is happening, page-13

BW - Beach has had no shortage of acquisition targets over the years who feel they were underpaid, but the reality for ADE and other holders is that BPT saw the value where the rest of the market didn't.
And DLS holders can be pleased that Beach's offer 5 years ago was rebuffed, to long termer's undoubted delight! Beach is pretty unemotional about this stuff - they saw value in a neighbouring company where the market thought there was very little, something they have done repeatedly, but that time it didn't come off.
BPT has grown into a substantial business, with several sizeable potential upsides, in part because of their willingness to act when they see misattributed value.
I like being invested in a company like that.
DLS is another well run company, and I can think of worse replacements for Reg than Brad, but I suspect he would only countenance a tie-up if it was clearly value accretive for DLS holders.