This looks like a knock-out bid as the management, in our view, would be unable to raise the additional finance.
More Quotes from Richard Ratner:
With the chairman off, a downgrade and the Japanese no longer likely to bid, the shares are unlikely to make further progress in the short term.Richard Ratner
Management is going to have to take it. I'm sure it will go through. People will think it's mean, but the alternative would be pretty ghastly.
Richard Ratner
I suspect at the end of the day he would have liked to have bought it but with all the hedge funds in there that he wasn't prepared to pay, given trading, a huge amount for it.
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
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
We've heard there is an emergency managers meeting today.
Richard Ratner
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