"50 On 17 December 2015, the Company engaged advisors to conduct a confidential sale process for the Assets to identify alternative"
"51 On 25 January 2016, a confidential data room was opened to parties involved in the sale process. All parties involved in the sale process were subject to non-disclosure"
"53. On 15 February 2016, the formal sale process concluded without any formal offers for the purchase of the Assets from interested parties."
"The sales process was extremely thorough and KLR was proactive in bringing in over 250 Permian Basin pre-qualified potential buyers."
I do find it very strange that 250 prospective buyers targeted did not yield a single offer.
In fact the above is almost of the same degree of strangeness I felt when I read the announcement on 7 September 2015, relating to an executed sale and purchase agreement for US$250M.
It almost makes me want to ask JC and the ASX, what conditions were imposed on the potential buyers - (e.g. were they informed to not submit a formal offer unless it was above a certain Minimum Price). If so what Minimum Price was set (surely it wasn't US$250M)?
Surely there is more to this than that numerical coincidence between our magical offer and the number of interested buyers
What Minimum Price or price expectations were used in the Information Memorandum - Given AZZ's handling of the 'executed sale and purchase agreement with no conditions precedent', the market should be provided with the Information Memorandum and details of what price expectations were imposed on prospective buyers.
If there were no buyers interested out of 250, this makes the US$250M offer from Wade look even more ridiculous
