Numerica/BDO merger on the cards
Numerica has confirmed it is in discussions with suitor BDO Stoy Hayward that may lead to the creation of the biggest UK accountancy firm outside the Big Four.
Link: IIA president to join Numerica
An announcement was made on the LSE just after 7am this morning following press speculation.
Tony Sarin, chief executive and founder, said later:
‘We are in talks which may or may not lead to an offer for our shares. It has always been our strategy to become a dominant player for the mid-corporate market and one of the largest firms in the UK.’
Nine acquisitions helped Numerica to 14th in this year’s UK accountancy rankings. If sixth-placed BDO Stoy Hayward mounts a successful takeover the merged business would leapfrog Grant Thornton into fifth.
But the takeover price per share – rumoured at 60p – would fall well short of the 100p at which Numerica floated two years ago.
Sarin said there were ‘no guarantees’ a deal would go ahead, but added the two companies would be well suited.
‘In many ways we are a smaller version of BDO. There is a similar culture and both are entrepreneurial, so there is mutual respect.’