Who says they don't ring a bell at the top?

DCC are selling Manor Homes, Ireland’s largest builder. Remember this is the crew that dumped their holding in Fyffes at the height of the internet bubble when fyffes had tripled on the hype about worldoffruit.com.

unison.ie/irish_independent/ … e_id=15242

Don’t underestimate the moustachioed one … :wink:

Blue Horseshoe

Well holy god, first the banks sell their portfolios, then the estate agents sell up (and some of them their big houses), now the developers and investors are selling out…

Jazus … :open_mouth:

rte.ie/business/2007/0214/DCC.html

Blue Horseshoe

The bell ringer overslept.

There has never been a better time to buy an Irish construction company. :open_mouth:

They may knock the price down now for 100m and it’s still overvalued at that.
That over sleeping on the bell ringers part has proven to be very costly indeed, either that or the bell ringer has been living in cloud cuckoo land 8)

Mon Nov 12, 2007 :

Yesterday:

Well those two quotes aren’t quite consistent… :open_mouth:

They are consistent.

DCC wanted out. Joe Moran, didn’t want anything less than his share of €450m. In the end Joe paid a nice premium on the current true market value (somewhere way south of €369m) in order to preserve the value of his holding (or more accurately maintain the appearance of the value of his holding)

I dont get it - if Joe Moran was an insider, why would he knowingly pay over the odds to DCC just to save face?

Not everything in business is compeltely rational. This is the family busisness don’t forget. You might find it more intuitive to think it as meaning that he retains an inflated sense of it value in the face of views to the contrary from the market.

Also, DCC might have let it go at a valuation of €300m, say. He now has a new shareholder (with a 49% interest) who he would rather not have to deal with (Liam Carroll was mentioned).