I cant reveal that. We will get news next week, it was initially meant to be this week because IFL told them they wanted it wrapped up by the end of May. I think we will get an offer but it will be below $5.00. I hope the company plays this correctly, makes the offer public, and at least has a think about the offer before rejecting it outright. I know they will. It will let the share price move up closer to the offer price whatever it is.
The company will accept $4.90. The founder of cc capital, Chinh Chu, has been engaged from the beginning of this process and cc capital asked for the term sheet. Bain were not as fully engaged. IFL could tell by the documents they were downloading from the data room and Bains senior partners were more removed from the process compared to cc captial. CC Capital also have a 10 year investment time horizon on these projects not 5 years like Bain capital.
I was a bit concerned about cc capital being second to the bidding war. Bain was first. However cc capital assured IFL they were always going to lob a bid and the market is holding up.
I know the s/price is a long way off the offer price that we would accept which is why I was negative on the chances of this succeeding, however I now think we will receive a binding offer. Message to IFL management do nor reject outright if its not $5. I would be happy for management to tease the market even if it is $4.6. and then reject if that's what they want to do. They have been working on the term sheet now for 2 weeks, so with market holding up, we should hear something next week.
If this doesn't happen, I'm an idiot and you can all s##t can me.
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