That price TPG is offering is so lowball, it pales in comparison to an opening gambit. I thought it may be an attempt to be a party if a bidding war ensues but where is the bidding war going to come from?
Perhaps TPG want in on Domain or something and they think this tactic will somehow get them there, it is quite odd and reputationally damaging for TPG to be so out of the money IMHO.
Ann: Indicative Proposal from TPG Consortium, page-7
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