Ah yes. I can see that's probably the over riding strategy at...

Ah yes. I can see that's probably the over riding strategy at play here. Problem is that private equity won't be paying $1 for $1. How much did they offer in the first place and were knocked back on? Multiples of recent levels? And over two rounds at that. There's no bargaining strength left for TGA so private equity will probably come at it like an administrative wind up. What's that worth? 5 cents? 10 cents?

There is value there to unlock but who will unlock it and who will get the benefit? There must be serious doubt that the board/management, having made it a buyers' market through their inept decisions, can turn it back to a sellers' market.