John van Kuffeler’s publishing and media play Huveaux, a Growth Company Investor Company Profile tipped at 41p in March, is taking over Epic, another profile recommendation (at 105p back in February 2004), in a recommended cash and shares deal. The offer values shares in e-learning  Epic at 95.5p, a 44% premium to the prevailing price before the  bid excitement, and the whole business at £22.7m. Epic shareholders get 1.33 new Huveaux shares, along with 35p in cash, for their holding. Van Kuffeler argues the deal makes good strategic sense and boosts Huveaux's learning division. Epic investors can realise a decent, though heavily discounted, cash amount for their shares, whilst also reaping the benefits of Huveaux’s future growth prospects. In a seasonally quieter half to June, Huveaux scored a 73% profits leap to £630,000 on sales lifted 96% to £9m. This looks a fair price for Epic, which we have consistently backed as an income play, since Epic was trading at a 52-week low of 64.5p before bid excitement surfaced. Epic recently unveiled record profits for the year to May, up 53% to £2.1m on a 11% turnover rise to £8.1m. Despite returning £3m to shareholders during the year, cash balances remained healthy at £10.3m (£12.5m), allowing payment of a total dividend of 4.8p, a 166% increase. As the City digested the merger news, Huveaux surrendered 0.5p to 45p, while Epic sped 5p higher to 92p, for a market value of £22.8m.