Michelin has announced a recommended cash bid for Fenner at 610p, a 31% premium to the share price before it started to rise yesterday; and on a rough prospective EV/EBITDA multiple of 13.2x. With the expectation of initial synergies of £30m due to the complementary nature of procurement and processes, and its aspiration to get into advanced polymer engineering, Michelin looks like a sensible purchaser of Fenner. We consider the bid to be a good one, but perhaps not quite a knockout, for our Bes ....