WALKING a tightrope requires both nerve and confidence, the trick is to look fixedly ahead, never glance down. Industrial holding company James Crean took the first steps this week on what observers consider a dangerous and unpredictable strategy to buy out the outstanding 28.2 per cent of shares it does not already own in Inistech with the objective of selling on the entire company to a third party. The Clondalkin print and packaging group is thought to be the front runner, having earlier expressed firm interest in purchasing Crean's majority stake in Inistech but failing to agree on terms.

Crean's 550p per share offer to mop up the minority will cost it Pounds 26 million and puts a Pounds 90 million price tag on Inistech. The consensus of opinion suggests that the offer is likely to be accepted, assuming no higher counter offer emerges from another party. However, one of Crean's institutional shareholders is strongly opposing the bid, arguing that it would worsen Crean's debt position.

Crean says that the proposed sale of a wholly owned Inistech will enable the company to concentrate on its core business. The Inistech board will shortly consider the situation, then advise on what course of action is deemed prudent.

For tightrope walkers uncertainty is the only certainty. If Crean's 550p a share offer succeeds, it has majority control but the gust of wind from any counter bid could imbalance the strategy. And will Clondalkin, or any other party, be prepared to pay 550p a share or more for Inistech? If not, Crean will be locked into a company it does not want. Interested parties could stay their hand, letting Crean sweat. The safety net may be a tacit understanding with Clondalkin on the value of Inishtech. Enough variables to make even the great Blondin break out in a sweat.