That sounds like a rhetorical question. In most functioning organisations, particularly in a public company setting, the Chair (or whichever director was approached by a potential acquirer) would inform the rest of the board as soon as practicable but likely no later than 24 hours following the approach.
If Mr Bleich is to be believed, he sat on this information for 3 days - whilst knowing that he'd signed off on the CEO's request to make on market share purchases during the post results trading window.
It all sounds very implausible.
One other potential explanation is that Bleich inform directors of the first Reveal approach within 24 hours. Despite this the CEO continued to buy shares on market. What exposed this egregious laps of judgement, if it is indeed the case, was the leaking of the forthcoming bid to The Australian.
The leak could have come from Reveal or its advisors or potentially also a third party (Macquarie) who was unaware of the CEO's share trading.
This has now created a conundrum for all involved.
At least the ASX is doing its job - the only regulator in Nuix's tortuous history to do so, at least to date
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