So the Highway/Chaucer merger never made it. But was it just over 10 shares? The official line was that 44 new Chaucer shares for 58 Highway shares was not a good enough deal, but market sources said that management issues played a part. Certain members of the Highway board desperately want the highest price per share they can get, while a number of other senior managers still want a career. It seems never the twain shall meet - at least until the right buyer comes along.

The City wasn't that enamoured with the deal, it seems. Highway's share price remained stagnant while Chaucer's hardly blipped. Neither party is in talks with a third party but that could all change. Highway is a company that will be sold this year.