Conviviality management remains on the front font to be the lead consolidator in the alcohol distribution market. It has today announced the proposed acquisition of smaller rival Bibendum for £60m, funded partly via a Placing. The historical EV/EBITDA being paid is c.9x but this rapidly falls towards 7x in YR1. Strategically the deal strengthens the group’s position in the sector, takes out a key rival and is around 8-10% EPS accretive in FY17 – pre-synergies. The implied P/E is a ridiculously l ....