Gandalf Technologies Inc’s attack document on Case Group Plc’s defence brought a predictable dismissal from Case late on Tues day, highlighting its contention that Gandalf’s apparent belief in size for the sake of size is a dangerously flawed piece of commercial logic: it also took the opportunity to highlight Gandalf’s desultory share price performance (its own, of course is nothing to write home about, but putting two poorly performing share prices together does not create a go-go stock), and sug gested that the offer significantly undervalues Case and its future growth prospects; Gandalf came back to demand a profit forecast for the year to March 1989, knowing full well that to make such a forecast this early in the year is foolhardy and therefore seldom done except in extremis – and said that it would increase its offer if it could get the Case board to recommend the takeover – fat chance!
