Steadfast spent thirty years rolling up brokers. Its buyers just unrolled it.
A 52 per cent premium, a unanimous board, and a company divided between its buyers before the ink dried. The roll-up worked. It just isn't arriving intact.
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Veritas won Bodycote by 25 pence, and the market wants a recount.
Two bids sat a penny apart for a month. Veritas found 25 more, and the shares now trade above the price that won.
Every CEO exit is a sales lead with better stationery.
The most creative people in private equity are not operators.
