Ann: Response to media speculation, page-22

Fin said Bain are running a familiar game. Lowball first to get the show on the road but expecting to up it in board discussions. Board look great negotiators and deal gets done. Fin named past instances and it made sense. But trust not a word because they bought Virgin on fibs about retention of popular management CEO Borgehetti? but flicked him for Jane Hrdlicka a month after deal went through. They may get mileage re-employing Darryl to curry favor with cynics and use him as an apparent return to old days management - until he's not needed. About 3 years later Virgin gets gutted to drastically improved but on unsustainable numbers to refloat or sell at great for them prices. Best outcome is the exposed offer attracts a competing bid and whoever gets it pays a more decent price, which might be from an offshore mob due to our cheap currency.