All offers were highly conditional. However, MC entered negotiations following the acceptance of a 65p bid, there was a greater chance of it falling through, than going through. This is entirely reasonable, given the fact they started with a cheeky 52p bid. The point to note is, the SP was in fact 57p last month, had it not been for the blip, we could have been at 65p in January, following the Christmas update. In fact, if we have a better than expected Christmas, or a very cold start to the new year, the effect on results of the warm September could get cancelled out. Moreover, if oasis or Nissan top up, we could be at 65p in the new year.
I think McC wants oxo, paxo, bisto, bachelors and similar spice / sauce products from PFD and sell the rest off....which must have angered GD as he loves the sweet treats sector......guess he gets free mr kipling cakes. The worry over PFD's pension and debt is rubbish for a food / defensive sector with 100 year old brands.
if MC were genuine, the starting bid would not have been 52p. I agree GD was not interested because he didn't have enough of his own shares, he does now. He said at the time ''other bidders may emerge'' were these companies who would work with Nissin? is it the case they reside in the same continent as Nissin? Bid speculation is nothing new to PF, some of the SP rise from 10p(after refinancing in 2012) to 18p in April 2012, was bid speculation, who was this? Then again in autumn 2013 from £1.50 to £1.85 bid speculation returned, who was this?
We all know why.....because his massive bonus shares haven't vested yet......so simple, then he begged Nissin to sabotage any forced takeover by McC. My only problem was that if McC were genuine bidders they could have pushed Darby to the side and deal with big shareholders to sack Darby then make them an offer they can't refuse. Why must a failure of a CEO be allowed to block a bid......still don't know why PFD hasn't done any deal with Amazon yet....just the buzz alone will triple the SP.....just look at MRW.
It's Irelevant what price McC offered..... it was turned down and personally I don't trust his reason for turning it down. Let's not forget it wasn't actually an offer just a figure that they put across to see if they could tempt Gd. When he stops blaming the weather and we actually see some real gains over all the product range then we can say pfd has turned the corner and Gd is doing his job and deserves the extra shares he keeps getting
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