Just as I wrote in my other article yesterday, Balfour has rejected JLIF offer as being TOO LOW.

The share price has responded positively today because investors may now expect a higher offer from JLIF.

I know I have estimated that the fair value of PPP division on Balfour is £1.57bn, but for JLIF to make that leap would take a bit of a miracle because JLIF is a smaller company, so no guarantee of a new offer will be made.

However, I got a feeling Balfour's management may sell out at £1.25bn - £1.3bn. So interesting times for Balfour's shareholders.

My fear is that JLIF may use the "WAITING TACTIC," as it assumes Balfour's operating performance to remain weak. I could be wrong here, but I think JLIF will probably wait this one out for the new year to see what happens to Balfour's share price.

One last thing, if an offer is made I would prefer to buy Balfour's ordinary shares and its preference shares (yielding 10%/annum, till 2020).

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