asciano says four parties eyeing full takeover, page-6

fingermark

spot on around the second stage

If the offer was as stupid as mentioned in the AFR you wouldn't give them a tour, much less an open look at your books.

TPG wouldn't even bother spending all the money looking at a bid (that's right its not cheap to lob a bid out - takes time and resources) unless they were confident of getting a look in.

Even at 2.00 they would proabaly be happy as they would be getting in 50% cheaper than a year ago meaning it would be a lot easier for them to make a great return over the next 3-5 years