It's potentially good value at these levels but seemingly logical mergers between services companies fail as often as not: SRG and GCS (SRG finally seems to be on the recovery trail) Alcatel and Lucent SMS and Sausage Software all spring to mind as unsuccessful attempts.
It's not as if the Lend Lease' division was firing on all cylinders before the acquisition. Different cultures, HR issues in restructuring process, customer attrition, a lot can go wrong.
I've taken a modest stake because some bad news is priced in but now that they're carrying a bit of debt (not something I normally fancy in a services business) I haven't discounted the possibility of a complete train wreck.
Ruler or not it can be very hard to tell from the outside.
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