Agree. Low probability.Clearly for it to fly they’d need to be...

Agree. Low probability.

Clearly for it to fly they’d need to be prepared to pay for a stake at an enterprise value of say >$1.4bn. From what we read they could probably digest it, even more so at sub 100%; what’s attractive for them is that in substance CCX is more global now than Aussie plus digital, sweet spot of area of expertise, fast growing etc and for management, where they were to be part of owning it in a private environment, being able to invest more ahead of earnings uplift curve.

Ability to tap a.k.a for acquisition funds as necessary, with an exec team that is handsomely remunerated along the way, leads to no real reason to remain listed.