Yes I agree that VEI is in play and the most likely first bidder...

Yes I agree that VEI is in play and the most likely first bidder will be PRY. They have a history of expanding by takeovers and already have their foot on a sizeable chunk of shareholding. I think the longer they leave it, the more they will be forced to pay. With first half earnings of 5cps already locked in, I think the second half will be marginally higher, giving 10.5 - 11.5 cps for the full FY. So on a p/e of 8 I reckon they are worth around 85-95c now and with a takeover premium of say 20% gives $1.10.

If they don't do anything for 12 months, borrowings will be reduced, earnings higher and my expectations more like $1.50. It should be an interesting ride