Outlook: Wassall/BICC
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.IT USED to be the case that if one company wanted to buy another, it would approach its target and suggest a price. If the recipient said no, the predator would either mount a hostile bid or give up. Either way, the only bids that made their way on to the Stock Exchange screens were real ones.
Not any more. The latest fad for buyers who have been rebuffed is to tell the whole world about it. Wassall, the wannabe venture capitalist, last night revealed it had made a 90p a share offer to the board of BICC, the cables and construction company, but had been rejected. The object of the exercise, which does not commit Wassall to doing anything at all, is to embarrass the BICC board before its shareholders and ferment some action. Actually, these shareholders would have preferred a real bid to a virtual one.
This does not mean, however, that BICC deserves to escape. Despite years of restructuring Alan Jones, the chief executive, has failed to revive the company's prospects. Despite this, the company still runs a London headquarters in Mayfair more suggestive of the FTSE 100 stock it once was than the small cap enterprise it now is.
BICC must, as Wassall has surmised, be worth more than 90p a share, which is little more than half the level of a year ago. But the present management has been unable to realise it.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments