We note the announcement made towards BCA this morning regarding a preliminary conditional approach from Apax Partners LLP on the 9th May and an all cash offer for the company at 200p per share and confirming that the board of BCA has rejected this proposal. In our view, this bid undervalues BCA’s current prospects. We believe BCA continues to offer an attractive mix of organic and income growth as it continues to leverage its unique market position on a Pan European basis executed by a
