QIP will probably need to increase its offer from 1.22 QIP shares for each XIP share, or throw in a cash component. IPH has signalled that it wants XIP rather than QIP that's for certain. I would expect XIP management to still persuade that the QIP deal is better for whatever reason, but this does not hold true given the numbers alone. The "cultural fit" argument is probably a smoke-screen. Its unknown whether IPH will simply leave former XIP staff to continue operating the same way.
QIP facing a future merged IPH + XIP would be rather grim. Interesting times ahead. QIP only down $0.055 on 4 trades currently, I would've expected more seeing as this is pretty bad news fro QIP.
XIP Price at posting:
$1.79 Sentiment: Buy Disclosure: Held
