You think The Australian Financial Review would have learnt by now that the phrase "private equity to bid" is no indication of news, or quality in a story. There needs to be more when revealing a market raid or thrust. The capabilities of the supposed bidder or bidders have to be assessed, their track record and ability to generate value for investors, probed and tallied.

Take this morning's breathless story on page one (an exclusive, according to the paper) that Pacific Equity Partners "is finalising a takeover proposal with as much as $700 million for Melbourne-based industrial company, Spotless Ltd."