It's a smoke screen by STX management.
Walyering construction is embarrassingly behind schedule with no completion date. The shareholders and market are getting angry and demanding updates. Pressure is building.
They throw a lowball high-pressure offer at TPD.
- If TPD are in cash flow trouble and accept it great outcome. Pickup good assets and revenue cheap.
- If they don't leak it to the press
It generates a perfect smokescreen and keeps everyone focused on something else for a few weeks.
Ann: TPD: Response to Media Coverage -Non Binding Indicative Pro, page-45
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