Grafton's Michael Chadwick has repeated the usual mantra about his 14.5 per cent stake in Heiton as an investment. But if the Grafton boss does have ambitions about taking over Heiton - as most in the market believe - then he had better get on his bike and do the deal. Otherwise he risks a takeover of Heiton getting more and more expensive.

By any standards, Heiton's half-year results was an excellent set of numbers, and that was reflected in the market where Heiton shares jumped 50 cents to €4.00 (£3.15). That's well over the price that Grafton has paid for Heiton so far, but it sets a benchmark for any takeover bid.

Put in a takeover premium and Heiton would now probably have to go for in excess of €4.50 or €189 million - almost £150 million. If Grafton had moved on Heiton six months ago, it is arguable that it could have been taken out for €3.50 or €140 million (£110 million). That's the cost of the delay that Michael Chadwick and Norman Kilroy must surely now rue.