Yeah, I don't think that is a fact though. SBM were clearly...

Yeah, I don't think that is a fact though. SBM were clearly running a process last year, perhaps they were contemplating alternative transactions but it's pretty clear that Gwalia was the prize - as demonstrated by the proposed merger. HH was only taking on Gwalia, the remaining assets to be spun out to NewCo. Its pretty clear that SBM were considering all and any options. It was up to SLR to come up with indicative proposals, not SBM.

The announcement from SBM clearly states that SLR approached SBM in June 2022 and again in September 2022 but declined to give indicative proposals. SLR has had plenty of time to consider its position.

I would be surprised (and disappointed) if SLR BOD were eating their Wheaties on April 17 and upon reading the sale announcement thought "I didn't know Gwalia was for sale". I mean, really? That's not a likely scenario.