Less than two weeks after saying that it was 'looking at all ways of increasing shareholder value', a phrase that might be interpreted as meaning that the company is up for sale, Swedish entrepreneur and Darby non-executive Peter Gyllenhammar has made his move. Clubbing his 29.9% shareholding together with funds controlled by J O Hambro funds, Gyllenhammar has secured 48% acceptance for a 27p per share cash offer from Jarvis Porter, a cash shell of which both he and Christopher Mills (a director of J O Hambro) are board members and investors (Gyllenhammar indirectly through Aim-listed Montpellier). But the independent directors of Darby in this case are not happy with the bid, reckoning that it undervalues the company though recognising that cash may be attractive to investors. Stephen Knight, Hugh Hayes and Stephen Bannister obviously have a job on their hands if they are to defeat the concert party since it is already close to gaining control and the offer price is 46% above the shares' 52 week low and well over double their all-time low, reached in the dark days of 2000, before the company was turned around. Investors who acted on the basis of our 'speculative buy' recommendation at 21.75p on 6 March will be torn between certain profits and the prospect of more.