Apart from anything else, to call it a merger flatters Freuds and delivers Bell a snub. The former has a business of 100 staff and fee income of £7m; the latter's companies employ around 800 and have turnover of almost £100m. A 'merger' it is not.
It may be this realisation that led the more sour voices within the Freud empire to point derisively at Chime's depressed share price and profit warnings, and to finger them as the driving force behind so much of this week's 'annoying' editorial.
Despite this, Bell and Freud remain mutually respectful and conscious of what each can add to the other's business. If Bell is right that the future of marcoms lies in leveraging media content, celebrity and brands, then the access Chime has to boardrooms, combined with Freuds' unique role in entertainment, make a compelling combination.
Don't expect an announcement from the RNS this week, but within a couple of years, amid friendlier markets? Don't bet against it.