Cheap is a subjective word. From a CAPEX viewpoint, why would I spend $12m (which IMO would be fair to low a bid to get board approval) on QFX instead of a huge marketing blitz in Australia?
In regards to buying them to remove a competitor - why bother? If Spotify were to enter the market place with a superior product they will already have enough competitive advantage over QFX to crush them anyway.
I'm not trying to be purposely negative, but I just can't see the upside for QFX at the moment, but there are some obvious and huge risks hanging around.
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