Ann: Cardno Provides Market Update and FY16 Guidance, page-133

I'd like to think a third party has become embroiled in some sort of takeover - rumors are Atkins UK firm. At this price it really could be anyone, 2nd tier firm who never got drunk on acquisition in the services boom. But something is definitely going on. That is a massive volume of trading for this stock. Nothing has come out in terms of change is substantial share holding. Perhaps someone sitting just under the threshold ready to pounce.

At least if it is another services firm there is best of breed integration of people, systems and service. Private equity just add hard nose accounting and management interference (though in this case it probably well overdue). It all depends if this is a long term investment or just taking short term gains.