According to the syndicate person with whom I have been speaking the last couple of days, including a few minutes ago, the investment managers who structured the deal for this giant US hedge fund have completed all their due diligence and must now present their case to an investment board. If the board approves, the deal is done.

When I expressed my concern that we are down to the flip of a coin, my contact responded that everyone involved is enthusiastic and the investment banker who is running the show for this specific syndicate member is confident the deal will go through.