back to article Daisy Group: Yep, we're gonna eat you all up, Phoenix IT Group

Directors at Phoenix IT Group are “unanimously” backing the 160-pence-per-share offer that was formally made by Daisy Group this morning, valuing the entire share capital at close to £135m. Discussions between LSE-listed Phoenix and the suitor were made public last week, leaving Daisy 28 days to come back to the table with a …

  1. Anonymous Coward
    Anonymous Coward

    Parallels

    I hope that the management of Tosca Fund know better than Duke Street!

    Growth by acquisition looks great on paper but you rarely get the claimed synergies and certainly never at the ratios claimed by the deal makers. Off course, if it all goes pear shaped the deal makers will have already waltzed off with the fees and it will be the staff and creditors that pick up the tab.

  2. wyatt
    Meh

    Looks like Daisy Group have plenty of Cisco accreditation what with Damovo becoming part of the group. Will that then override Phoenix having lost theirs and no longer existing or will there be some fall out from the previous removal?

    Having spoken to some Tupe'd engineers, they're worse off now at Daisy financially but have a more confident view of the future. Time will tell.

    1. Anonymous Coward
      Anonymous Coward

      TUPE'd staff

      Hi Wyatt,

      The purpose of TUPE is to preserve terms and conditions of employment when a firm is merged or bought out.

      Can you say how the staff at Daisy that you know expect to be worse off after the move?

      1. wyatt

        Re: TUPE'd staff

        @ Moultoneer Hi, not on an open forum. However I have spoken directly to an engineer who has stated that after the move to Daisy, his net pay has been cut. The exact details around how this has been done and what he was receiving before the move I don't have knowledge of and also wouldn't like to put on here but there was a noticeable cut.

        1. Anonymous Coward
          Anonymous Coward

          Re: TUPE'd staff

          server staff work taken off shifts so didn't get the old payments which would have been hefty but I know of no people who have had to take a basic wage cut, this is old 2e2 staff mind, dunno about any of the other acquisitions.

          Does people think that Daisy will be another 2e2 in the future, big acquisitions of failing companies to massage figures, or are they doing this to get close to 1bn sales then flog to one of the big boys?

  3. The Godfather
    Paris Hilton

    Load it up man...

    How much is the debt upstairs now...and is it being serviced?

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