May raise capital, page-30

From the AFR today
"Investment banks Macquarie Capital and Morgan Stanley will present SAS Trustee Corporation with an $820 million bid for financial planner StatePlus on Friday."
"At 17.5-times forecast net profit after tax and amortisation, ... it's a few points higher than where most fund managers thought it would end up."
"....  IOOF and First State are also keen on a quick outcome. Sources close to the bidders said the trade offers submitted earlier in the week were one-to-two points higher [in the high teens], on a price-to-earnings multiple basis."
"The big thing to consider is synergies, which is generally about removing duplication of systems and people. That means job cuts. And on the block would be the same people who built the trust and culture at StatePlus, which is why the business is now worth $820 million or more."

The article was not very complimentary of IFL. (but then Fairfax is a very biased newspaper)

HT1