StweeveGood Analysis, the main issue is the difference between...

Stweeve

Good Analysis, the main issue is the difference between accounting and planning, around 1/4 of the revenue is from planning the rest from accounting whereas Centric's was solely planning and risk. I not sure if Crowe has any risk business and this was a big contributor to Centric's income / book. I think that Findex can see a lot of synergies and cost reductions with a quick 12-18 month turn around to a IPO on an under performing business. However in terms of what this means for an offer price this is hard to tell and a 2% profit margin for Crowe it means their is likely to be some big cost cutting and synergies Findex might find and push their offer price up, or their could be some skeletons in the closet and they run like anchorage have.

However given the price is now almost back to pre announcement, and Findex outbid 30 other potential suitors for Centric and have KKR backing I think if their is a sniff of a deal they will run with it. The lack of price could be an indication of seeing if their is another bidder about.