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WH Smith shares surge on bid news







WH Smith shares surge on bid news

WH Smith shares surge on bid news 04/19/2004 04:13 AM

Shares in the UK retailer surge more than 30% after news that a private equity group has made a Ł940m takeover offer.




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<img src="http://ichart.yahoo.com/t?s=GOOG" align="right" alt="Live Yahoo Google Stock Feed" style='border:1px solid #90A0B0'>Google shares are currently up ~$16 per share to $100, an increase on the revised opening price ($85) of ~20%.

Forbes talked to Barry Randall, portfolio manager for the First American Technology Fund, who remarked "The surge may indicate many institutional investors sat on the sidelines for the initial offering."There were a lot of institutional investors who were spooked by not only the initial auction scenario but also the missteps along the way. I suspect many of them did regard it as a healthy business model, and now they have the ability to purchase the stock from the open market instead of the managers. I think they feel more comfortable."

Google will undoubtedly be happy with the days trading; they haven't had any disaster that some analysts had predicted. Equally, the share price seems to have settled at what for them can only be viewed as a very reasonable figure.

For more information, see our previous story here.

View: More information from Forbes
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What’s your take on the possible closure of CBGB?
Patti Smith: I have various thoughts on it. I have the Jackie Onassis spirit of preservation of our historic architecture. One of the things that has drawn so many people down to the Bowery area—the people living there and the housing and shops and all of the revitalization of that area—was CBGB. In those days the Bowery was skid row, there was nothing there but bums. People just didn’t go there. It wasn’t real dangerous; it was winos and hobos. They set the big trash cans on fire at night so they could warm

What does the club mean to you?
I went down there on Easter 1974, [guitarist] Lenny Kaye and I went there to see [the rock band] Television, and there were about 11 people there. It was like a dream come true, the whole situation. It was a little bar, there weren’t any grown-ups; you didn’t feel that the mafia was there. You weren’t forced to drink expensive stuff you didn’t want. And Television was a revelation. It was for me a pivotal night of my life, walking into CBGB and seeing Television. It resonated all the possibilities of our youth, what we were doing, what we were attempting to do.

What was that?
Our philosophy was that rock and roll should be a cultural voice and not glamorized. It didn’t belong to the rich and famous; it belonged to the people. It was the perfect place for us to excite each other and incite people and develop what we were doing. It’s sad for me to see CBGB’s close down because it really hasn’t changed at all, that’s the other beautiful thing. The same murals are up on the wall. It hasn’t gotten any better. The sound system hasn’t really gotten much better. The smell hasn’t gotten much better. It’s the same place. Actually I think Lenny and I are going to play there on May Day. It’s just a little job. We’re just going to play to thank CBGB’s, thank the walls, thank the stage. We’re just doing it to touch those walls again.

Link


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WH Smith shares surge on bid news

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