Complicated structure of takeover

Rick Everitt comments: 'Looks like the 80-20 split in the Methven Charlton takeover bid is more complicated than thought, with the 20 intended to include Methven, Lenagan and (likely) Thomas Sandgaard. The 80 is US money and ties up with the earlier Texas stuff. Seems like an exercise in herding cats to me.'

Everitt adds: 'The plan has very much been based on cost-cutting/efficiency plus promotion (which might well be contradictory). Conflicting rumours about whether it’s in trouble and hard to know either way.'

This raises the question of who would be in charge on a day to day basis, although if it is Methven he is a slippery customer. Like all old Etonians, he has excessive confidence in his own judgment.

The complexity of the arrangements confirms my view that the takeover will not happen quickly.