Capital Raising, page-162

I think we can all agree that offshoring depends on the type of work. There is certainly a place for it but carefully and selectively.
Cardno is made up of dozens of small consultancies, their key engineers and client relationships.
The AECOMs, Jacobs and Fluors of this world swallow our ilk as a tiny morsel. I would suggest their scale gives them different opportunities.
They could pay a lot for CDD.
As a power system protection engineer perhaps I am being too pessimistic on offshoring opportunities. The kind of work I do is a bit unusual perhaps.
ABB is doing it but the results have been mixed at best. If you want to risk blacking out a city then that's ok but most clients are very conservative.
Our industry is very conservative and that's generally a good thing. We appreciate German electrical engineering as often the best.
Markiemills and I are thinking similarly, between $2.4 - worst case $2 IMO. To be honest I don't strive for accuracy; if I pay 70c for something then I can settle for $2
The future is inherently uncertain, I just look to buy at an extremely low price and am generally positively surprised by what things ultimately sell for.
The thing that could change it is a buyback, at the present market price of $300m the company could plausibly buy back and cancel 10% of the stock over the next year. So there will be no good news coming for a long time yet not until Crescent thinks it's time to sell.
I always underestimate the price, buying cheap is easy but holding rising stocks is much harder for the value tribe. You are probably right that Crescent may be looking for $3.
http://m.nzherald.co.nz/business/news/article.cfm?c_id=3&objectid=11301642
Looking at Metro glass I would speculate that they may look to sell half at around $2.6 then the other half is free right. In that case it was 2.5 years from purchase to sale, I am sure they appreciate the time value of money. I have done that a few times and it's really great if you have a big holding like they do. Seems like a private equity way of thinking, use a lot of debt and pay it back quickly.