M&A Or IPO?

An increasing number of companies are contemplating a so-called 'dual-track' sale process, whereby they prepare both for a potential merger and for a potential IPO, and eventually settle for the option which promises to yield the highest price. UK private equity group Bridgepoint is said to be following this process. US software group Gomez also made the same choice last year. At this juncture, the IPO route is looking very attractive. The equity rally we have seen since the end of Q3 provides a supportive backdrop. The rally could make this form of sale more lucrative than a direct stake

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