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Reports reaching IC Insider.com is that Jamaican based Berger Paints is in play with more than one interested party eyeing the profitable target one source within the financial community stated.
I know as a fact that an offer was made on Thursday but was rejected by Berger as inadequate and would not involve taking over the staff. Another source indicates that the parties are in discussion on terms with the price of $20 that the stock traded at today being within the ball park of where an offer could be at. By next week a clearer picture should emerge our source advises.
One name said to be associated with the one of the offers is Josef Bogdanovich one of the investors involved in the takeover of Hardware and Lumber.
It’s unclear if the planned acquisition by Bogdanovich if successful would be placed under the Hardware and Lumber umbrella which would make economic sense as it would lead to economies of scale in a number of different areas.
The interest comes against the back ground of Berger having recorded the highest level of profit ever at $316 million up from $122 million in 2016, with IC Insider forecasting earnings of $2 per share or $430 million for the year ending March 2018.
Berger closed trading at $6 at the end of 2016 and is up 233 percent for the year to date and is the second best performing main market stock for the year second only to Pulse Investment that is up 360 percent. Berger has been in IC Insider.com TOP 10 since this year and in the TOP 5 Main market from inception on September 9 last year.