Looks as if VHT is going to be acquired at $1.15. actually not too happy with this outcome.

the reason appears to be the need to spend to grow and this is more favourably undertaken in a private setting.

the discussion around micros targeting CF b/e and accounting profits, i find two-edged. sure the market in a bear phase wants profits and free cash flow but these companies are invariably growth-orientated and in a spend-to-grow phase. passing up growth opportunities could easily be seen as a strategic blunder a few years down the track. This catch 22 can be helped by greater disclosure on the cost to grow being disclosed separately by the companies so we can differentiate between growth and the profitability of the u/l biz. otherwise, more takeovers of promising companies will occur.

dsisc held