Dull business but cracking chart, great dividend and ad hoc takeover rumours. I'm happy to settle for that kind of dull!

Sadly not CC. Have dipped in & out over the years, but missed the surge this time.
No info on the bidder yet.

Correction.....looks like Michelin.

UBS comment:
"In multiples it equates to 13x 2018E EBITDA, 18x EBITA (August year end). This falls to 12x and 15x respectively on our 2019E forecasts. This looks high versus the 7-8x EBITDA paid by Continental for Veyence a few years ago, but reflects in our opinion the higher growth profile of the AEP business at Fenner. The valuation being paid is in line with multiples paid for other UK engineers that have been acquired in recent years. In the context of Fenner having traded at an average 20-25% sector discount over the last decade this could seem a generous multiple. However, we would note that our 2018E EBITA is still only c70% of the 2012 peak profits and even if the past ECS peak may not be repeatable we do see further strong improvement forecast to 2020E.

We do not foresee any competition or regulator related barriers. The other question is whether there could be a counterbid at all?
While there are companies that could have a strategic fit with Fenner's divisions individually it is not obvious to us that there is a third party that would have the same strategic logic to bid for the whole group."