Meanwhile, GPA shareholders considering Mr David Bonderman's offer to buy their shares might be wise to hold out. His investment group Texas Pacific is offering to buy the shares for $1.56 each, an appreciably better price than the $0.60 a share guaranteed by GE Capital in 2001. The news when it came was good for the long-suffering shareholders, many of whom have already written them off, but some analysts believe the company may offer long-term good value. GPA is being restructured by the current management team and Mr Bonderman's input could drive it strongly ahead in much the same way as his influence has been brought to bear at Ryanair. The deal must be approved by 75 per cent of GPA shareholders at an extraordinary general meeting next month.