The shares of Racal Electronics Plc and Racal Telecom Plc keep creeping up and every time they do, the market writers attribute the rise to expectations that Cable & Wireless Plc will make an offer – but the logic seems to be a bit perverse: Cable & Wireless has had plenty of time to size up the situation, so why should it sit back and watch the share prices move up against it if it did plan to make an offer?
