Ann: Receipt of Non-Binding Indicative Proposal, page-88

My view to why this is taking a bit longer is the following:
The first 3 could be the case but I deem less likely.
1. Management are enquring with Skip and PE what their role might be going forward;
2. Any % of the new venture they may get;
3. How to deal with J Power stake and ensuring they might be onboard;

The next 3 I think why its taking longer.
4. They have received further enquiries from others on whether the company is looking to sell.
5. They are putting together documents for suitors to bid on with Goldman Sachs acting as advisers.
6. They are determining potentially how to respond to the bid by Skip on a strong manner without pissing them off in order to get a more realistic higher bid.

If 4 &5 in particular is occuring they want to put together a tender process so that multiple bidders can access sufficient information in an orderly manner without giving another party more information.