Numerica/BDO merger on the cards

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.’

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