Ann: Senex advises of takeover discussions, page-60

Hotfire

There are certain situations where it does not require disclosure, as follows.


(data from AICD)

In this case, it could be considered that the previous approaches were incomplete and therefore a carve-out is available. Clearly, as the offers increase in value, that becomes problematic. In addition, whilst confidentiality is maintained, as it appears in this case, it does not require disclosure.

It can be a fine line and I have also seen preliminary approaches released immediately and held back until one of these carve-outs are breached.

If you were risk-averse, you would release it all straight away, but there are also downsides to that argument. (i.e. it brings attention to the value argument)

Cheers, AL