Directors, plural. Indeed they would know the values but the...

Directors, plural. Indeed they would know the values but the other company may have quite different priorities or needs - say needs cash. Such potential conflicts can be very tricky as they bring into play fiduciary obligations (to two companies), possible conflicting needs and even personal finances. 'Knowing the value', if passed on, implies disclosing inside information. Not an easy one and I would not like to be placed in such a position. That is why I have personally thought that, from UMC's point of view, THX would be better out of the loop. Even IOH is a potential issue - or benefit - depending on how the cards may fall in the future. If a bid comes some of us will be watching very closely and the independent non executive directors could have an important role to play to ensure that there is a level playing field.