One ray of light for Woolworths' beleaguered shareholders is the possibility of a break-up bid. Malcolm Walker, the Iceland founder and himself a former Woolworths employee, wants to buy the company's retail division.

However, his initial terms were laden with conditions that the chairman Richard North was unwilling to accept. Even if the bid went ahead, Woolworths would still own the EUK and 2Entertain publishing and wholesale divisions. Yesterday Mr North said that this summer's sale of DVD publisher 2Entertain to the BBC - the joint owner of the division - was halted as 2Entertain does not own the digital rights to the BBC programmes. Woolworths makes us itchy. Sell, says the Telegraph.

Meanwhile, the FT says that the ratio of almost three times enterprise value to 2009 earnings before interest, tax, depreciation and amortisation is nowhere near a sufficient discount to the sector, given the risks.

Bank of Ireland is short of cash. Although it is not in such dire straits as HBOS and Bradford & Bingley, it desperately needs a huge injection of capital to fund an increasingly unhealthy loan book. Bank of Ireland could be worth a play if you think the global crisis has been overplayed and house prices could swing back?.?.?. so it is probably a no. Sell, says the Telegraph.

The Times adds that despite a 60 per cent slide this year to €3.94, or less than seven times next year’s earnings, it is not too late to sell.

Shareholders in commercial property group Minerva must be pinning a lot of hope on the takeover talks with Limitless - the possibility of a 160p-a-share offer from the Dubai property group has put a floor under the share price over the last two months. The Telegraph last tipped Minerva this time last year when the shares were trading at 270p. At the time we advised investors to sell. A lot has changed since then, most of it for the worse. Avoid.

The Times says that Minerva’s failure to sell itself in the past – coupled with the spectre of financial services insolvencies that will add to the inventory of unlet City space – counsels caution. Avoid.

Meanwhile, the FT says that, in spite of rumours to the contrary, the takeover of Minerva is progressing. The last hurdle is Minerva's banks, which are said to want reassurances on a number of issues. The market is betting against the deal and its shares dipped to less than half the offer price this week. The company is trading at a discount of more than 50 per cent and worries will remain until the deal is done, considering concerns over exposure to the City market, high debt and negative recurring cash flow.

With its shares one third below their issue price, Equest Investment Balkans looks similar to dozens of other overseas funds that have listed on AIM over the past few years. A 69 per cent rise in operating profits on sales up 17 per cent give no sign of a retail slowdown. The problem is that Equest is fully invested and needs to realise cash – from disposals or the planned IPO of Technomarket – to maintain its rate of growth or buy back shares. Its waste management venture also requires restructuring. Until there is progress on those fronts, the shares are unlikely to break through yesterday’s 812p. Pass, says the Times.

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