Ann: 2018 AGM - Chairman's address, page-3

Yet the chairman declared that no unconditional bid is on the table and negotiations are continuing.
Seems like any bid is very conditional, not near the boards view on value and not going to be accepted.
They will need to raise capital if my reading of the balance sheet is near the mark. Reduced margins. Not good from a cash generation standpoint.
The next month will be interesting.
A slow Christmas along with reports of soft retail conditions broadly in Australian retail may see a very different value realised for GXL post half year results.