Ann: Vocus announces granting of non-exclusive due diligence, page-68

What are we betting on?

If we're betting on what KKR's next bid will be, then my money is on $3.95 to $4.05. KKR will be valuing Vocus as an asset to be liquidated (in parts or as a whole) in the short term.

If we're betting on what a successful takeover bid would eventually be (board recommendation plus 75% shareholder approval) then I'm putting my chips on $4.75 plus. The board and shareholders will be valuing Vocus as medium-to-long term investment providing a sustainable ROI.

If we're betting on whether KKR's final bid will succeed then you can see I'm betting on "no, not a chance". The bases for valuation used by the parties are too different. If there is a successful takeover then I believe the bid won't be from KKR, it'll be from another telecomms player who intends to run or absorb Vocus so their basis for valuation will be similar to the board's and ours.