take offer offer at $1.20

Trading halt as CS announce they have received a TO offer priced at $1.20/share. Holders will still receive the 3cffr div next week. I hope company accepts this proposal. It explains why SP has been driven down so hard over past couple of weeks. FY11 EPS of 15.6c puts current SP on PE under 4.5!! CSV has plenty locked-in contracts with 3 years to run so the purchaser can a guaranteed income whilst developing the IT side of business. Incidently CSV signed-off 41m in IT work in July+August so plenty happening. Has tenders for another 512m worth of work and should hearfairly soon how well this has gone.