Fair Value Please, page-203

Certainly the most laconic form of competitive tension I've ever seen.

Sumi know we wont take $2, that's just to get in the tent for a look-see. Then they can set a real price we wont laugh at.

Fuji wont respond until they see how serious Sumi really are. That will be when there is a firm offer from Sumi. No point Fuji bidding it up unecessarily until they see the whites of Sumi's yen.

I wouldnt expect Fuji to move at all in relation to the deadline now, unless a new poor Sumi number motivates it. For instance, Sumi again low balls a value. Fuji may then exercise its options. The company is currently in play, not the individual indications. Sumi fluffing it would again bring the indications back in play as an alternative to outright buying us.

Sumi, take note, next bid at $600M or around $6 a share is the lowest starting price to be taken remotely seriously. But expect to pay higher.