Small wonder that prospective bidders for European firms are increasingly taking their offers directly to shareholders when companies' boards are showing a taste for backing a takeover one day only to retract their support the next.

McCarthy & Stone chairman Keith Lovelock is a prime example. Less than a fortnight ago, he expressed his "delight" at recommending a takeover offer from Permira and Barclays Capital, which he said was testament to "the hard work and dedication" of staff and provided "additional value to shareholders".