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How to treat bids

The offers in question are, first, 620p a share in cash for milk processor Dairy Crest (DCG) from Canadian dairy group Saputo (TSX:SAP), which values the UK group at £975m and, second, 215p a share in cash for telecoms services provider Manx Telecom (AIM:MANX) from Basalt Infrastructure Partners, a specialist asset manager, which values the Isle of Man monopoly supplier at £256m.

The important offer from Bearbull’s perspective is the one for Manx Telecom because its shares are in the Bearbull Income Portfolio and their exit at the offer price would turn around a lossmaking investment.

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