In July 07 the australain reported that National Australia Bank...

In July 07 the australain reported that National Australia Bank was prepared to pay $750 million for Rams...the CEO Mr Kinghorn wanted a billion...he went on to sell it to the instos and public by a listing on the ASX...the rest is history...

NOW Westpac have done due diligance and are offering just $140 million minus the loan book and minus the listed company....

Whats changed is the easy with which to roll over the Rams financing...its a bit more expensive at the moment and the future is unknown...

But basically Westpac can't find any problems with the business itself...

One would think that now other buyers would be sitting up and start considering pouncing on Rams at a massively discounted price to what it was to cost in July 07

Any major bank can handle the refinancing of the loans....their Brand name alone would get them discounted rates...better than Rams can get ....

...should be interesting from here on...

Would'nt be surprised to see a counter bid now appear