cathay revives bid for discovery metals

This could be the latest summary.

"Cathay also outlined that because it had previously obtained regulatory approvals and had sufficient funding its bid proposal would be completed quickly and with certainty."

"Shareholders could get paid by as early as the end of July if the proposal is accepted," Mr Yu said.

Cathay suggested a due diligence period of no more than 10 days and for any suitors to propose a binding cash offer.

To support a competitive bidding process, Cathay said it was willing to make the due diligence non-exclusive and agree not to accept any offered break fee in the proposal to be recommended by the Discovery board to shareholders.

"If other bidders emerge and are willing to offer a higher price, Cathay is confident that this will maximise value for all shareholders with a shorter payback period," Mr Yu said.

He added that his company believed that the current financing program would destroy company value and it would not participate in it; and if it was pursued his investment firm would not bid for Discovery in the future.


http://www.theaustralian.com.au/business/mining-energy/cathay-revives-bid-for-discovery-metals/story-e6frg9df-1226628995276