Are these facts? - COP announced they had reached agreement to sell SNE to WPL - They provided FAR with a PE opportunity (whether valid or not) - On day 28 FAR requested further info from COP regarding the opportunity - COP never responded to the FAR request and the 30 day window expired - WPL advised COP could deliver the asset in whatever form they wished (my words) - WPL initially acknowledged the PE rights, then changed track advising they did not exist - COP sold their holding company to WPL
It sounds to me as if the following events occurred:- - COP advised FAR they had sold SNE to WPL and gave them a number recognising the PE rights. - WPL acknowledged the PE rights - FAR did not pre-empt, but requested further info which they claim was relevant to their decision - COP later structured the sale such that their holding company was sold, rather than the asset. - FAR saw an opportunity to claim the holding company sale differed from what they had been offered, hence the PE notice they were given was non compliant in their opinion. - COP took the view that there was no material difference in the offerings, and proceeded with the company sale to WPL. - In light of the above, WPL held the opinion PE rights no longer existed.
FAR Price at posting:
7.1¢ Sentiment: None Disclosure: Held
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