I agree - good one swap.I have been trying to work out what is...

I agree - good one swap.

I have been trying to work out what is happening at centro at the moment. I figure that they have opened their data room and have said they are prepared to look at a number of options.

They must have received some responses. Now obviously at times like this some opportunists (spelt clowns) are going to make some absurd "2 Bob for the lot" offers like the one MFS took for stella from CVC - what was it 50% book value??

As swap stated they do not seem to be doing an MFS fire sale trying to raise cash ASAP - so I would suspect they are now working through the offers - which would be like Bankable Feasibility Studies I would guess. They are something they can put in front of the banks as a lower bound on asset values.

What we the punters don't know - and it is what we desperately need to know. Is how good are the better offers?

Time will tell.