Even though the valuation was not considered appropriate for dissemination to the public could it still not be used in evaluating offers?

I'm suggesting that management uses everything at their disposal when evaluating an offer and why not take into account the valuation they received? Maybe the day of delay was to seek a legal opinion or to firm up their own valuation.

Just a thought based on the retracted valuations of yesterday the KWG offer would certainly have seemed superior.

Could someone offer their opinion on this?

If Spider is in fact responding to KWG's offer then it would help to answer the timing issue with the halts.

A