Mr Bearbull 

The moral of Advent

Mr Bearbull

Mr Bearbull

It is axiomatic that a company is always worth more to a buyer of 100 per cent of its equity than to a buyer of 1 per cent. If that’s true – and it’s stated almost as much as a contention as an axiom – then why has the agreed £4bn cash bid for defence supplier Cobham (COB) been greeted with such an underwhelming response?

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