I agree. MCG has cash earnings of 60 odd cents per share and it doesn't take a genius to see that $2.50 is way short of the mark. Even the directors recommendation is qualified with the comments "in the current market".
If you sell in the current market you're going to get peanuts and I'd much rather wait it out for the market to get back to some sort of normalcy.
Seems to me this offer is to help Macquarie Bank with its short term issues rather than reflect the long term value for MCG shareholders. Is it a coincidence this offer was revealed on the last day of Macquarie Banks financial year?
MCG
macquarie communications infrastructure group
