ok now i am confused....The Agency is saying there is no bid but...

ok now i am confused....The Agency is saying there is no bid but lodges an application with the takeover panel

Am i missing something:
The Agency says that on 4 December they asked Magnolia if they had the money
Magnolia responded on 6 December saying they did
8 December the Agency tells the market that there is no bid and then makes comments in a number of newspaper articles saying there is no bid and Magnolia has no money
Now the Agency is asking that the panel confirms Magnolia has the money?
What happens when they say they do? Is there a bid?