Put yourself in the position of a coal consortium making a bid,...

Put yourself in the position of a coal consortium making a bid, with no effective competitor in place. What do you possibly have to lose by making a lowball bid and then deliberately saying no to any counter-offer and letting time run out for BBI? As the bidder in this process, you have all the time in the world. Make BBI sweat.

One outcome is BBI's hand is forced, and they sell part of the asset too cheaply.

Another outcome is BBI says no to any sale, and at that point the consortium waits to see if BBI can navigate its debt situation without any DBCT sale. Only after BBI proves itself capable of surviving without the DBCT sale would the consortium then come back with a higher offer.

To me the situation is clear: BBI needs this sale, and the buyers do not. If the buyers do not have any real competition, then what do they lose by stalling and lowballing? Others here want to suggest that this sale process is about value. But price is determined by supply and demand. Value is what the buyer gets for the price he pays.

If we had a genuine competition for the asset, it would all play out differently.