So QIP merger is unlikely to happen as IPH has 20% of shares and only needs 5% from instos who would love the liquidity that IPH shares offer (as well as the potential upside).
IPH deal is less that certain with ex-principals holding over 40% of the shareholding. There is a lot of history between many of these ex-principals so for many of them to vote to merge with IPH might be stretching the friendship although you would have to think the cash and liquidity would be a good thing. Further, the XIP board is siding with QIP... although I suspect this is more about seeking a better deal for themselves ie a board position on IPH board.
If no deal gets up the XIP SP will drop likely drop like a stone as it is being propped up by merger talks. Also they are back to one of three with limited prospects of achieving better than CPI growth.
IPH then has a bucket load of XIP shares that will be worth way less than they paid for.
This is interesting to watch how this plays out!
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So QIP merger is unlikely to happen as IPH has 20% of shares and...
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