Cazenove estimates William Morrison’s net assets per share stands at 158p, a level which could be nearer 190p if the core estate, which has not been revalued in recent years, is included.
There is an outside chance chairman Ken Morrison and his family could look to take the supermarket group private, or that another bidder will emerge.
But Philip Dorgan, food retail analyst with Panmure Gordon, doubts market hopes of a takeover bid at a premium to the current price.
References: Financial Times 17/05/05 page 22, page 44 (FT Markets – London)
