Shining up the plaster

The most interesting aspects of the BPB defence document are its omissions. The document is the centrepiece of the UK plasterboard maker’s effort to fend off a 720p per share hostile bid from the French conglomerate Saint Gobain. The document contains a robust presentation of the prospects for plasterboard. But the product’s prospects are not in doubt. Meanwhile, BPB argues that it should command a standalone value of 715p per share, before adding any premium, based on expected earnings per sha...