I must say I nearly spilt my Chateauneuf du Pape all over my luncheon companion last Tuesday when I heard that Galliford Try had confirmed its receipt of an offer of 51p a share for the company from those acquisitive scamps at ROK.
Most of us chaps and chapettes in the City value Galliford Try at rather nearer 60p a share, particularly now that the construction division is moving back into the black.
Fortunately for me, little of the cheeky vino escaped my glass – and fortunately for Galliford Try, the news sent its share price soaring to 45.5p by close of play Friday, up 15.9% over the course of the week. However, investors decided to put Rok in its place for its impudent offer, with shares falling 9% to 242p.
May I say how delighted I am for Iain Napier, chief executive of housebuilder Taylor Woodrow. I've been a fan ever since I discovered that he was the former boss of Bass Brewers, a brand that has oft helped me recover from a tough day in the Square Mile.
For some time now, Napier has been looking to snap up a rival and last week his dream was satisfied – it was announced that Napier's £480m offer for Wilson Connolly had been declared wholly unconditional.
Napier has clearly earned himself a jar or two of his favourite tipple – Bass Ale, naturally – particularly after the deal resulted in TayWood's share price rising 5.9% to 251p over the week.
Interestingly, the deal has led to the resignation of all of Wilcon's directors, bar chief executive Graeme McCallum, with Napier and TayWood finance director Peter Johnson to replace the lot of them. Expect much late night, drinking den-inspired speculation on where these former directors, such as ex-finance director Bob Green, will turn up next.
Of course, if over a beverage or two I should come across such gossip, you dear reader, will be the first to know …
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