I am very happy there is competitive bidding now. Congrats to management for getting us going. However, if a portion of our funds were not encumbered by loans to directors that starting bid from Sumi may have been a lot higher. Cash in the bank is a large determinant of perceived ability to withstand a dragged out negotiation. Arguably Fuji took CLI in a position of financial weakness. That is why their price should be our bare absolute low ball starting price for discussions, not $200m.
Ann: Cynata confirms receipt of indicative non-binding proposal, page-211
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