I was surprised and a little disappointed to see Adept Technology (LON:ADT) had accepted an all cash bid at a 70% premium. Partly, I must admit, because it leaves me with a 28% loss on the stock. But mainly because I saw it as a business that had weathered the lockdown, invested successfully in its platform and was now offering market leading services at very decent margins. Most of its income would be recurring and a reasonable expectation of a steady increase in sales each year. It looked to me very similar to the situation of Equals (LON:EQLS) EQLS where the market smashed the price down to a level that completely ignored the its quickly improving prospects over the next two years. Happily for me they were not sold and most holders will now be showing a substantial profit.
Even at the bid price the forward PE for ADT will be about 8! I think congratulations are in order for McQuarie.
