Sale progress Sample Clauses

Sale progress. During January 2005, CSFB searched extensively in Australasia, Asia, North America and Europe for potential buyers in the automotive industry and also for potential financial investors. They also contacted parties who had expressed an interest in the businesses to the Administrators, and advertised the sale of the businesses nationally. Under the sale process, offers (including recapitalisation proposals) were invited for the entire ION Automotive Group together with offers for: ▪ combinations of business units which purchasers may prefer; and ▪ for individual business units. All parties expressing a continued interest received the “teaser” document, a high level summary of the businesses and their key financials. The teaser document requested that interested parties submit expressions of interest, indicating the businesses in which they were interested, along with a signed confidentiality agreement in order to receive the appropriate information memoranda. During February 2005, the Administrators and CSFB worked with management at each of the businesses in preparing a detailed information memorandum for each business. These were distributed to the interested parties in the week commencing 28 February 2005. Indicative bids were requested for 7 March 2005. The indicative bids demonstrated there is greater value in a break up of the ION Consolidated Group. The Administrators, in conjunction with CSFB, short-listed a number of these parties. Parties short-listed entered a due diligence process, with access to a data room with a substantial volume of financial, commercial, legal and technical documents. Prior vendor due diligence was conducted in some areas such as legal and environmental matters in order to facilitate a compressed sale process. Additional information requested by bidders has been provided by way of a formal question and answer process. Site visits were arranged for short-listed bidders were also facilitated in making site visits, with the Administrators’ staff and CSFB assisting management in making presentations on the business to the bidders. The Administrators also facilitated meetings between short listed bidders and the key customers of each of the businesses, receiving helpful cooperation from these customers. A recapitalisation proposal was received for the entire ION Consolidated Group but it was subsequently withdrawn. Some directors of ION Limited were associated with this proposal. As discussed in greater detail in section 6 of thi...
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