cf's new cash offer for dml, page-2

AFR article elaborates the approach through which CFC might play this out:

"Cathay said it would not insist on exclusivity in requesting a 10-day due diligence period to allow for a competitive bidding process.

“Because CFC has already obtained all regulatory approvals once before and has sufficient funding, the proposal would be completed quickly and with certainty,” it said. “Shareholders could get paid by as early as the end of July if the proposal is accepted. If other bidders emerge and are willing to offer a higher price, CFC is confident that this will maximise value for all shareholders with a shorter payback period.

“We are confident that through this approach shareholders are likely to receive much more in compensation for Discovery shares than will occur if the rights offering and placement proposed by the Discovery Board proceeds at a deep discount to the lowest share price in the last three years.”

Discovery last raised money at $1.20 a share in August in a $50 million placement underwritten by UBS."

Okay, provided management is willing to open up the books (and there's no reason why they shouldn't), CFC has just put us in play :) For those analysts (Canaccord Genuity, for one) that keep insisting on DML being an "attractive TO target", this is your chance to prove it's not all in your head ;)