Three-minute pitch: revisiting TMP #2

Back in September, I wrote up a three-minute pitch on a company in the UK that had announced that it would sell its main business and retain its crown jewel software business, allowing investors to buy into a high-quality business at a steep discount to peers.

Well, the opportunity is now back on the table as other competitive bidders have dropped out and the original buyout/carveout plan is in motion. Moreover, in the past few weeks, there have been incremental data points that show that the opportunity is even better than initially thought. With that, let’s take a look.