Looking Cheap imo, page-54

I think it was not if but when!  Isn't this the 4th try over the last 10 years to merge the two companies and It is more compelling in the current environment than before. It was just a coincidence that my post turned out to be peremptory.

The offer is attractive only to those who have been recent accumulators not those who have taken earlier positions when the share price was at levels over the dollar. The Sigma share price has been belted numerous times (for the same offence) since the CWH saga began and lately the subject of shorting in a volatile and gloomy market. When we start to consider the positives including the clawing back close to $300m as CWH settle all their accounts, the massive synergy through rationalising of distribution centres and staffing at all levels, sale of redundant assets and reducing inventory etc etc....... makes the API proposal look more like a bargain basement opportunistic offer rather than at a fair value.

It will be interesting to hear the Sigma Boards response in due course after the consultants report comes in.