I spoke with John Girdlestone ceo yesterday, just to clarify the deadline for due diligence by Jindal. He was pretty helpful and don't think he would mind me relaying what he told me. He explained all the offer history to me and basically Jindal have the last offer on the table, and at the Meijin terms, which are 90 days from start. Think Jindal started 23/09/09 so they have until Xmas Eve near enough. So the options exercise will have been long gone unless they complete early. I got the impression that both offers are genuine. Meijin are sitting on their hands at present because they cannot do due diligence because of Jindal's exclusivity, and besides they have no need to. If Jindal's due diligence comes up ok and they lodge a firm offer with associated break fees, Meijin may also accept the due diligence as a gimme, and then will make a counter offer. So we may have further to go, IF the due diligence ok's the deal.
RCI Price at posting:
40.5¢ Sentiment: Hold Disclosure: Held
