To add a few thoughts to the takeover speculation...
While I doubt there is anything on the immediate horizon, I'm of the
opinion that ultimately ICN has to sell out in order to achieve its
growth potential. While they are taking advantage of small opportunities here and there, I'm sure there are many they have to
pass up, because they don't have the financing capacity (they always
seem to sell converts, call them in, then sell more), nor do they have
an inflated stock price in an industry where inflated stock is the
preferred currency. I'm not certain they can remain a small fry for
long, although they seem to have staked out a specific, highly
defensible position in the WW market (for now).
With all the acquisitions and capital requirements they have, I wish
they would get rid of that damned dividend.
Long term, I just can't see them remaining independent. But, then
again, I suppose they could form strong alliances to take advantage
of their distribution channels, and get a big wad of cash for that
access.
Carl |
