Perfect time for DWS to walk away, this is not a bidding game...

Perfect time for DWS to walk away, this is not a bidding game they have the financial capacity to engage in. Their current bid pretty well stretches the Balance Sheet as much as you would want, and adding more equity to the deal is probably not going to appeal to institutional holders in SMX.

What's interesting is who DWS are up against. Tokyo exchange listed Nomura Research Institute (NRI) successfully took over ASX listed ASG last year for $350m. The  NRI offer for SMX is valued at $123m. Looking at their financials for YE 31.3.2017 NRI made net profit of about A$540m and they have a mere A$1.8billion idle cash on their Balance Sheet to sweeten their offer!