13.90 will it run up to agm on 20 november, page-2

The current CML situation is very good for shareholders.
WOW shareholders that is.

Its a catch 22 for CML.
The KKR offer was very clever.
It was fully valued (paying for CML the same multiple which WOW commands in the market, when WOW is the vastly superior company, with CML having to do a hell of alot of work to match WOW's profitability).

Fletcher had the right idea. He initially flagged near term profit sacrifice to invest in the business in an attempt to catch up, if not leapfrog WOW.

However, having to defend the T/O he reneged on the original strategy, and went promised near term profits.

Considering that CML's cost base is higher than WOW's, Fletcher canot deliver this sort of profit without keeping shelf prices higher than WOW's, which means that he will continue to lose market share and further weaken his position.

Catch 22.

The best CML shareholders can hope for is for Solomon Lew to convince KKR to come back with the original offer, and have enough shareholders, including himself, sell into it. It was a good offer, and more than CML deserved.

(contrast with RIN. Cemex offers $17, market values RIN $18.50.
KKR offer $15, market values CML $14.
Says it all)