Hope so. They can creep 3% every 6 months without a formal takeover. The business does spin off a lot of cash though, and an outright buy by PRY would be EPS accretive at the relevant P/E multiples. So numbers wise, they would be buying growth and it would make sense if they can do it at a price less than the P/E of PRY. VEI does have some good expansion options, they haven't got anything in WA or SA and are still underdone on the East Coast. My guess is the market is looking for a return to dividends for 2014 hence the share price appreciation. Plus it does seem cheap and good quality.
VEI Price at posting:
77.5¢ Sentiment: Buy Disclosure: Held
