CAT nipped

Companies with valuable technologies that managements fail to exploit in a timely manner are likely to find themselves being acquired - if for no other reason than that they will have lagging valuations that will make them easy pickings.

Such will be the fate of Cambridge Antibody Technology Group plc, whose board clearly decided that there was no near-term event that would drive the company’s valuation beyond the 67% premium being offered by AstraZeneca plc. ...