It would be a pity because we think there is huge potential in that business to double profits over the next four to five years, but if 40 pct of your shareholders want out, then I suspect that is what may happen.
More Quotes from Richard Ratner:
Justin King is doing a fine job, but he is still a long way from producing the additional 2.5 billion of sales he needs to push operating margins ahead.Richard Ratner
Marks Spencer was among only a few retailers to make gains, closing up 2p at 382p after the chief executive Stuart Rose unveiled the group's Cardinal Place store, its first new opening in central London for over a decade. There is little doubt that MS will achieve top of the range estimates, even if the all-important third-quarter like-for-like sales are down 4 on non-food, ... what we worry about is the ability to grow profits.
Richard Ratner
Whilst the last time it was a '24-hour wonder', we think that there may be a reasonable chance that a deal could go through this time around, but it will take time for an offer to be formulated.
Richard Ratner
The general impression was very good, with merchandise well displayed, and clear differentiation between the departments -- not running into each -- and clever use of graphics.
Richard Ratner
Given the importance of Per Una to MS, it could have been disastrous had this happened at the current time. Even so, we wonder how long the agreement will last.
Richard Ratner
They might get, in our view, on a decent day, an enterprise value of 2.9bn to 3bn but you've got to take 2bn of debt off that.
Richard Ratner
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