Anil Chana, Deputy Managing Director,
Q: Does this mean that the deal is going through because the bids will be open by about June 23? Are you expecting any more counterbids, I believe your bid is about USD 120 million, if there is a further bid of more than what you have bid, would you go ahead and match that?
A: I would like to correct that the bid is not at USD 120 million, when the court decides the selection of a stalking horse, there are several considerations and not only economic considerations. Thus based on all that, the court has awarded us the stalking horse bidder, the auction process would be on the June 25 and yes there could be some other bidders coming in and its very hard say that right now.
Q: Even if its not USD 120 million, if there was a bid for say USD 130-140 million, would you go ahead and match that?
A: No, we will not.
Q: There were some reports that lenders were opposing your joint bid for Hartmarx, any truth in that?
A: They were but now we finally have had a settlement with them and that’s how now we were backed up by them also for the stalking horse.
The company was proposing our name, but the creditors were not in sync with that. However, over the weekend we had a chat with them—we have explained one package to them and now they are also in sync with us.
Q: So what is the next we hear and by when we will hear the next sizable news on this deal?
A: The court auction will be on June 25, so whosoever would be the successful bidder will be getting a sales order on June 26. After that, there is a ten-day period for people to file in objection. Thus, some time in the first week of July, the closing can happen.
Q: What is the exact bid size that you have put forward, any ballpark figure?
A: That’s a little confidential right now as it’s not a public document as of now.
Source : Moneycontrol.com
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