It has been a quiet week on the Quindell (QPP) front although none of the ludicrous bull calls have come good: S&G exclusivity ended Friday and we were told that a bid would happen last week and that Quenron had lined up a big bank to advise it. Well …it did not happen and it will not happen.
Slater & Gordon could not afford to pay more than a couple of hundred million quid for QLS and based on its historic acquisition criteria that would be a very full price in relation to what WIP would be once PWC has finished reviewing the crooked books. It was only a week ago that S&G said it had not submitted a bid and given that there are no other potential bidders it would be utter insanity to even contemplate a move until PWC has finished its work.
The fiddles revealed here last week
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