Takeover target, page-28

Yes they paid a premium ( not big to the prevailing price though ) and got 52% ownership . Why not buy out the rest and acquire the business at what is likely to be a great LT price ? You gain a lot more control of everything owning 100%
Bubsmark , if you are referring to the delay of Churchill sales , I don’t really care as it’s a matter of falling into this year or early next years revenues. I take a medium term view of the business and there is no reason revenue and profits will not normalize . The move to more machines on participation should level out earnings over the medium term , and in almost every case where businesses have moved to increase ongoing revenue, a drop in upfront sales and overall revenue is experienced. When you buy into a stock like this adter a profit downgrade one must realise that the turn around will take at least a half , sometimes more , but as I said before I don’t think the price drop warrants a forward looking view of the business. The price is also dictated by whether there are more sellers over buyers on the short term . Not be conspiratory but if I was Novomatic it would be in my interest to see the SP drop and maybe even delay sales over the ST