Here is an example where promised Due Diligence as part of a...

Here is an example where promised Due Diligence as part of a conditional bid falls over.
This is the very issue the SBM directors have to consider.
Is a bird in the hand worth two in the bush?

See report below published just a few minutes ago in The Australian.

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Potentia cans Tyro bid


Sydney private equity group Potentia has walked away from Atlassian co-founder Mike Cannon-Brookes-backed eftpos payment provider Tyro Payments after months of due diligence.

The withdrawal follows two rejected offers by Potentia – a $1.27 per share bid September 7 last year, which was followed by a $1.60 per share offer on December 11.

Tyro said the board has been working with Potentia "in good faith" in the best interests of all Tyro shareholders over a period of many months to conclude a proposal.

"Potentia's decision to withdraw follows Tyro granting them due diligence, as well as extensive and advanced negotiation of material commercial terms and draft transaction documents," it told investors. "Tyro also worked with Potentia to develop processes that could potentially address regulatory requirements to reduce risk to Tyro by providing increased confidence of completion in a reasonable timeframe."

Tyro said its prospects remain strong as evident in its gross profit guidance upgrade last week to a range of $192m to $194m and earnings of $41m to $43m.

It is expected the withdrawal may spark questions from 12.5 per cent shareholder Grok Ventures, the company of Mr Cannon-Brookes, as well as Regal and other hedge funds who control about 7 per cent of the stock. Shares last at $1.54.