Dominion Diamond’s challenge: Getting all the potential bidders in the same process [Financial Post (Toronto, Ontario, Canada)]
DDC Enterprise Limited (DDC)
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Source: Financial Post
Dominion Diamond’s challenge: Getting all the potential bidders in the same process The dynamics of every transaction differ, but the goal in any takeover remains the same: The target tries to get the best deal possible for all its security holders. One way the target attempts to meet that goal is to get all potential acquirers in one tent, a system that’s meant to provide a sense of control and direction to the overall process. In other words, get everybody playing by the same set of rules and armed with access to the same data set (with more data provided as the process develops) to allow a winner to emerge over time. The challenge is how to fit a hostile bidder into that neat process. Hostile bidders aren’t usually the most welcome guests, given that they turn that way after plans to acquire the target are thwarted. Accordingly there’s often lots of bad blood which it seems can be assuaged if the hostile bidder is prepared to pay up. And that does happen, as in early 2016 when Sunc
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