10 cents more takeover offer, page-17

re: in play I think they have done some DD but only from what is publically available. The reason most Private Equity players almost never take a hostile route is that their competitive advantage relies on extensive DD. In this case, and now with a hostile bid, they will not get any info other than published accounts etc. They do have two ex-CEOs of CDO assisting them, but I would personnally seriously question their judgement - they will have an emotional element to their judgements - " of course I can resurrect the company!"

So you are bang on, 1. no due diligence means they will not know when to stop bidding and will either bid too low (can't see this -- Brett Sutton wants it too badly) or too high out of hubris, 2. hostile means that the Board can say "bollocks" and force a better offer from them. If they don't then, shareholders have every right to sue them for not looking after their best interests -- directors duties and all.

It is going to be juicy!!!