The first rule of private equity is that nobody mentions the 2021 vintage.
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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.
