Standoff in Florence Regency en bloc sale amid risk of oversupply in area
6 October 2017
The 3 bidders in the Florence Regency tender have declined to raise their bids or reconsider their terms and conditions. So now the CSC are skipping to scenario 3: look for any buyer willing to sign within the 10 week private treaty window. Good luck there - the bid has to be at least $629m to match the LTSA mandated valuation.
Failing that they will go for Scenario 4; a new tender in Jan 2018 and a new LTSA mandated Valuation at close of tender.
They have 1 year to make an application for sale to the STB from date of 80% - so enough time for at least one more roll of the dice.
Either way, I think they are toast.
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