IRE +13.91%: the big winner in today’s session, IRESS announced they have another bid on the table from EQT. The revised offer ranges from $15.30-$15.50/sh, up from $14.80/sh last month. The IRESS board has once again rejected the offer, instead backing themselves to accelerate growth, or perhaps squeeze a few more cents out of the bidders. IRESS also announced a $100m on market share buyback, doubling down on the view that they are trading below intrinsic value. The buyback will kick off after the Half Year results due out on 19 August.
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A discussion with Geoff Wilson – Wilson Asset Management & James Gerrish – Market Matters
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Thursday 17th April – ASX +24pts, CGF, BHP, STO
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Thursday 17th April – Dow -699pts, SPI down -26pts
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