bossy 0 Posted May 11, 2012 Share Posted May 11, 2012 Quite incredible! Squeaky bum time for Duff & Phelps!! Yep ... and just imagine if someone came in with an improved offer over the weekend. The relief would be palpable for D&P. At last .... a way out. 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 11, 2012 Share Posted May 11, 2012 D&P will be desperate to get out. In over their heads doesn't do it justice. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted May 11, 2012 Share Posted May 11, 2012 I don't think it's correct of Kennedy to say other parties have not done their due diligence. While two of the bids are indeed late to the table, the Asian-Pacific was involved early doors and indeed made clear the problems surrounding Whyte, Ticketus and D&P when they 'withdrew' a few weeks back. Before they did pull out, they also had full access to the online data room and used it very thoroughly. But Miller stated that there was a huge difference between what was inside the data room and the picture painted by Duff & Phelps and the reality of the situation. 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted May 11, 2012 Share Posted May 11, 2012 But Miller stated that there was a huge difference between what was inside the data room and the picture painted by Duff & Phelps and the reality of the situation. We dont know that to be true either. I thought the number being thriwn around was 30 million, which I think was later "outed" as a number plucked from thin air. Or am I confusing myself? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 11, 2012 Share Posted May 11, 2012 But Miller stated that there was a huge difference between what was inside the data room and the picture painted by Duff & Phelps and the reality of the situation. Yes but every bidder has the same info available to them. Despite Kennedy's claims about McKie, I doubt they've done any more due diligence than anyone else. And, even if they have, it's still wrong to say others have not done any at all. They have and I know for a fact the A-P bid are well aware of the issues in the background. Indeed, they made those points well before TBK in the first instance. 0 Quote Link to post Share on other sites More sharing options...
caseyjones 0 Posted May 11, 2012 Share Posted May 11, 2012 We dont know that to be true either. I thought the number being thriwn around was 30 million, which I think was later "outed" as a number plucked from thin air. Or am I confusing myself? That was a ballpark figure, as reported by Douglas Fraser. Didn't Kennedy mention £27m today? 0 Quote Link to post Share on other sites More sharing options...
craig 5,195 Posted May 11, 2012 Share Posted May 11, 2012 The only bidder who had PB status was Miller. So everyone else should be in the same position with regards to information available to them. Whether they have carried out the appropriate due diligence is another matter - but if the Ng bid is back in we know that he did indeed undertake some reasonably lengthy DD. Which makes TBK statement less than honest. Regardless, how would each bid know where the others bids are in terms of DD ? They shouldnt be talking to each other about their bids should they ? 0 Quote Link to post Share on other sites More sharing options...
Frankie 8,150 Posted May 11, 2012 Share Posted May 11, 2012 Craig, I don't think it's a question of honesty, just a bit of bluster. TBK made a good move today with that press conference. Their withdrawal was nonsense but it got many more bears onside and annoyed at D&P. Job done for them - nothing ventured, nothing gained. 0 Quote Link to post Share on other sites More sharing options...
forlanssister 3,050 Posted May 11, 2012 Share Posted May 11, 2012 We dont know that to be true either. I thought the number being thriwn around was 30 million, which I think was later "outed" as a number plucked from thin air. Or am I confusing myself? Half that figure would be more accurate, so I'm led to believe (that being what the extra required if you go newco). 0 Quote Link to post Share on other sites More sharing options...
Zappa 0 Posted May 11, 2012 Share Posted May 11, 2012 Craig, I don't think it's a question of honesty, just a bit of bluster. TBK made a good move today with that press conference. Their withdrawal was nonsense but it got many more bears onside and annoyed at D&P. Job done for them - nothing ventured, nothing gained. They played a blinder with setting up the press conf' and a lot of the things they said, but the finality of what they said regarding them pulling out and time now having run out for a CVA is going to look a bit silly if they come back in looking to proceed with a CVA. I can understand that they wanted to get a lot of the info out to the masses, but I don't understand why they said they were completely pulling out. 0 Quote Link to post Share on other sites More sharing options...
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