Are Best Buy eyeing up a bid for Comet?
Here at Bitterwallet, when we’re not chewing tobacco, reading the complete works of Marcel Proust, learning to play the zither or relaxing with a few rounds of DentistBall, a brand new sport that we completely made up ourselves, we’re keeping a keen eye on the stock market.
Thus, we were intrigued yesterday by the veritable flurry of activity around shares of Kesa Electricals, the Anglo-French owner of Comet and European chain Darty (no, us neither).
The word in the trading world is that Best Buy are readying themselves for a buy-out bid, in a speedy attempt to increase their UK presence after dipping their toe in the water with a handful of brand new store openings.
More than 21 million Kesa shares traded yesterday, about seven times as many as usual and the share price ended the day 14.4% up at 165.2p as rumours of a Best Buy swoop did the rounds (private equity investment has also been mooted as a possibility).
However, one market analyst is reported to have said that a move on Kesa by Best Buy would only be viable “if they woke up one day and found that they had more money then sense”. Hell, we’ve all been there - you should see how much we paid for these zithers.
So it could be something, or it could be nothing, or it could be something. Us, we’re getting back to another game of DentistBall. We’ve got Mof pegged into the blue corner halfway through the seventh quarter with only one drill left and we’re going in for the murder check-up.