Speculation here: Wording in the announcement clearly states:...

Speculation here:

Wording in the announcement clearly states: "...in the absence of a superior proposal." The whole entity (including COW) may be a much more appetising entity to a 3rd party bid if COW is there....??

and/or... given the shambles to date, the COW spin off would had been a serious distraction to the relisting, and TAW should, and needs to be at a much higher SP to get attention??