Q: What are the odds of this company being taken over?
5i Research Answer:
On one hand we doubt management and the largest shareholder (14%) would entertain offers. On the other hand, it might be better off as private so it can build out the business without the focus on quarterly results. We would give odds at 25%. It would need to be a friendly deal to keep employees happy, we think, but clearly it has failed in the public market so far.