should we have seen it coming?, page-28

They would be foolish to respond too quickly otherwise they look like they're being dismissive. I'd suggest they would be consulting with a number of the insto shareholders they have in common to talk them around, the press have talked up the upside of the merger but typical of press release journalism no decent reporting on the downside. Even if the PRG $20 mil synergies are real the costs of getting operations & back office aligned would take a couple of years to recoup.