lowerlobe said:
Dixon had been at the helm for years and continually talked down the price and all of a sudden now that someone has shown interest in the company the share price skyrockets.
So it had nothing to do with him at all...
But the share price did not return to the pre bid levels following the failure of the APA bid, so it must be said that this event caused a significant (favourable) revaluation of Qantas. In other words, the market was forced to come to its senses in regard to the Qantas value.
So to who, or what, should that previously unrealised value be attributed? I will give you a hint by reminding you that LBO schemers tend to target undervalued but well managed companies.
Why did he continually and with almost monotonous regularity talk down the share price when it was so valuable.
It only became "so valuable" when the APA bid was announced. It was not "so valuable" during the time that he was "continually and with almost monotonous regularity talking down the share price". Dixon would always have valued the company above the market but it is not his valuation that counts.
I cannot see how anybody could claim he (and the board) were not acting in the best interests of the shareholders before, during, and after the bid.