I agree with you for the most part. In all fairness, even after discounting an investor bias, it seems quite straightforward. But the real world is much more murkier.
The core point of worry is that the delay may result in deterioration of the HNG assets and workforce that are non operational and that’s what seems to be the core motive now of the losing bidder.
Another thought is that at current valuations, does AGI seem a worthy investment even without HNG given that their growth will be stemmed unless the acquisition is completed soon or they plan greenfield capex? This is a thought for a two year horizon.
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