Cornwell's prolonged share price fall was finally arrested when the group announced it had received various merger approaches. The news is the most positive to emerge from Cornwell for some time. Last year was not particularly successful as tough competition and a general deterioration in its market ensured profits fell to £9m (£12m). This year is not expected to be any better as the market downturn is more severe than anticipated. Cornwell actually expects earnings per share to drop by around 35% to 9.7p. News of the merger boosted the depressed stock 21% to 87.5p.