pressure coming off

The passing of time appears to be taking its toll on CML SP...Maybe anticipate support in the area of $12.90 to $13.20 over the next week, whilst we “wait” for some more news from CML

Don't expect an aggressive hostile takeover by KKR...the funding bank's won't support this type of bid (the US junk bond market might, but not the local syndicate banking market...)

Two leading scenarios:

(1) CML and its advisers determine that they will play it hard and refute any further discussions as simply being fanciful...any chance of a bid dies and the SP falls back to $11.70 (still remembering what could have been); or
(2) KKR et al agree to pay-up and meet the CML price ...likely to be somewhere in the range: $14.50 to $15.20...the bid is endorsed by the Board subject to a higher prevailing price

I think we have weeks to run on this either way, with more risk for the downside or scenario 1 as painted

CML's advisers, CWO and Deutshe will be seeking to "run a closed door process" with a few selected parties to gather price support for parts of the business in the meantime…Maybe CML ends up announcing a special dividend /capital return, together with the sale of Office Works etc

I can see this whole situation turning into a mass debacle like NAB’s attempted play for AMP some years back. The Board always know what is the best for its shareholders – nOT!

Let the market determine whether the terms make sense…we are living in a free economy where inefficiencies should theoretically be traded away…