If that article is accurate, then IMO Hanwa has probably walked having thrown their bid into the too hard basket.
Not happy the change of control provisions were know Wednesday and this news was released via Street talk on Friday. Is this not Price Sensitive? Should Austal have released this to market as soon as know? IMHO yes. It looks to have had a 10% effect on the SP.
Paddy said any interested party would need to gain the US Navy's approval. So who runs Austal? The BOD of Austal or the US Navy?Taking into consideration the income structure of Austal it would seem the latter IMO via proxy. They also seem to have the option of changing the contract at will.
So where to now? Does the narrowing of the field mean Twiggy as a go alone or Bondi Capital are also likely to struggle to take control in any T/O proposal? IMHO, as they are both in house so to speak, they would still be a contender.
I guess at the end of the day they'll have to ask the US Navy if it's ok to bid, if not we'll be narrowed to 3.
If that article is accurate, then IMO Hanwa has probably walked...
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