Leveraging The TSI Real Estate, page-128

My specci guess is that there was probably a strong indication a transaction was on last week. When it came in it was low ball from us (TSN).

I always referred to the Citi old boys club. CX Partners and even Mphasis (to some degree) comprise many Citi old boys. One moved from CX to SREI recently.

I reckon Mohnish used his contacts to get where we are today. In return CX would get its 25% IRR, as we have discussed before. A low ball would be an insult, damaging to Monish's standing within the group and basically frustrating after 11 years.

My views are based on his discussion of CX, IRR's, heavy lifting and downplaying dilution fears (i.e. more money, more dilution). IMO what is a few extra shares after years holding. We need to break the deadlock and find a way forward and not burn bridges.

As I said, it is only a guess and maybe no offer has been made at all and it all just a bit frustrating.

Cheers