Ann: World-Class Team to Support SYA North American Lithium Bid, page-36

No but it does say to the market there is a serious player in the mix with a first mover advantage.

I've seen this strategy play out a few times. It works well and doesn't give away any negotiation power at all. Effectively the game of M&A is both a vailed threat as well as carrot. The acquiring team will use the data in the data room to get a good fact base and produce a solid but undervalued valuation. The vendor team will try to argue for a higher valuation and to challenge assumptions.

Once the tug of war finishes they usually end up with a middle ground deal plus a "close this now" premium. The idea with releasing the info on the makeup of the bid team is to scare off any competition simply because there is a serious bid in play. And hence setup for best chance at negotiating a good outcome for the bidder.

Hope this makes sense.