Well as a hypothetical - and assume that US interest rates drop - a competitor could buy Centro's assets using their own cash - or at least some of it and finance the rest at lower interest rates.
For example again as a hypothetical Westfield - who probably aren't interested because they just sold properties to Centro in the first place. But they apparently run at a much lower gearing ratio so they could probably purchase the assets without the banks getting worried, they would remove a competitor and could probably do so at lower interest rates if they used US funding.
One persons poison is another pudding......
But for any purchaser this is a game of chicken - the more desperate Centro get the better for buyers - and from Centro's view the more buyers they can get the better for them - hence opening their sale up to the whole market as an attempt at avoiding being forced to take a lowest price.
Thinking about that last point - if I was a buyer I would be waiting for the last minute.....
Anyway someone is going to make money out of this somehow - don't know who - don't know how - all I know is that in five years time someone is going to be called the "cunning sod who made a motza out of the centro fiasco"
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