We know that GS will have set a time limit, I'd guess more than 2 weeks but less than 6 weeks, take the middle of 4 weeks and we should know something by the end of the month. At the very latest it'll be when the options expire, with a comfortable pad, say mid June.
One thing for sure is that there will be an information void while this process is underway. As bidding parties will be basing their bidding decisions on the IM & data room, GS will not want any material changes during the procedure. This is frustrating for us SHs, but thats life.
Marion obviously have the cash to see them through to the GS deadline and will probably firm up their short term financing options once an offer is on the table. No point in paying loan fees etc if you don't have to. As GS will be running the show they are obviously happy with that side of things. Remember once they get an acceptable offer, the whole process will take at least 3 months. The directors will need to either exercise their options (source of finance) or have the suitor pay them out.
One final word, GS have been on board for almost a year now. When they conducted the strategic review they would have sounded out interested parties and had a good idea what the market would pay for the asset. They recommended a sale in Feb '09. Then at the beginning of this month they commenced the sale process. This will not take long, patience is needed, I believe the next announcement we get will be the winning bid - and it will come out of the blue.
MAE Price at posting:
36.0¢ Sentiment: Buy Disclosure: Held
