Is ASIC is the real problem here, not AZZ?, page-2

No, ASIC is correct here. Undisclosure of the identity of the buyer does not truthfully disclose counterparty risk. Undisclosed bidding partners also leads to market manipulation.

Hypothetically, say a company had negative equity and was facing redemption of its Convertible Notes. How to avoid defaulting on its C-Notes? Ramp up the share prices with an anonymous White Knight offering top dollar in a depressed market.

Besides, if a deal is done, then there is no strategic harm in knowing who the buyer is. A Private Equity firm who does not understand that dealing with listed companies means your deal will be made public is a moron who shouldn't have USD250,000,000 to under management.

And AZZ should have known that if they couldn't fully disclose they should have gone into voluntary suspension. Management can not withhold price sensitive information.