Ann: Updated Non-Binding Acquisition Proposal Received from CVC, page-73

If it was a simple CVC is walking out, then the announcement would have come straight out and the share price smashed.

The announcement is intriguing as it says "unable to proceed to finalise a transaction on terms consistentwith their non-binding Offer".

There's definitely more to this, either:
* CVC is hanging around but is renegotiating on key terms (payment terms, funding), or
* Bain is really in the picture

Don't give up hope yet, because either way it proves that APM is clearly undervalued.