<b><b>Gobsmacked</b></b><br> For some years, Bett Brothers has been the share which Greenfield, and those numerous housebuilders who dabble in stocks rather than gee-gees, tucked away carefully in the bottom drawer. But we were still gobsmacked when Remo Dipre lashed out a stunning &amp;£92 million to add the Scottish whizzkids to his growing Gladedale portfolio. There are two fascinating lines to ponder in the offer document.<p></p><p> Though Remo willingly paid a 48% premium to net asset value, he saw the deal as such a corker that he got the Bett majority shareholders to promise in writing to reject any higher offers.</p><p> Was somebody else out there with even deeper pockets than Remo? Secondly, the Bett directors explain they could only grow the company on their own by taking on &amp;“excessively high gearing&amp;” to lengthen the land bank.</p><p> Canny Scottish lads like Bett chief exec Ronnie Hanna took the obvious exit route and passed the hot potato to Remo, who may have more experience of living with greater risks. If booming Bett can&amp;’t survive on its own in the sobersided Scottish and (rising) north-west markets, what hope is there for the others?</p><p> Indeed this deal rewrites the script for the entire industry. …