"It downgraded Shaftesbury to underperform from in-line, saying that the probability of a bid from entrepreneurs Mike Ashley and Paul Kemsley - who are believed to have built a stake in the group - are slim. "Whilst we cannot rule them out from making an approach for the company we believe it unlikely, and any potential offer would have to be pitched at a very competitive level given the strong following the management has with its investors," Cazenove said."
http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/02/20/cxmktrep120.xml