$31bn Lineage – build the upside, sniff the downside

It’s arguably one of the most successful M&A-driven stories in supply chain in recent times on the capital markets: enter $31bn-enterprise-value Lineage (LINE), a sleeping behemoth whose next move aimed at driving inorganic growth could be just around the corner.

That’s consensus in our marketplace, but caveats are plentiful.

Not so fast

The US-based cold store and cold chain logistics operator successfully priced its initial public offering at $78 apiece, near the top end of a $70-82 range, towards the end of July, leading …