There could be a clear cut winner .... but I would suspect that would not be the case. I would think that it should take more than a week to effectively perform DD on various proposed arrangements and during that time I would expect a blackout period to not prejudice potential interpetations of an offer being considered .... of course it is unlikely in a pure takeover bid that it would be difficult to understand .... simply might be a matter of a good hard look at the balance sheet of the bidder.

If a JV is proposed the process would be more complex in assessing return for shareholders, so there would be more time for that.

Another thing that I think could hold up the process is the potential of government not liking the deal for anti-competition rules ... in which case there could be a delay in their assessment of what the bidder may have to do to ensure a "level" playing field ... i.e. they may be asked to divest some other asset.

Of course the bidder may try to discuss this with government before, but unless there is something firm they are unlikely to express an opinion.

Finally, once a deal is selected it is not out of the question that one of or all of the usual suspects may contest the winning bidders share of spectrum and or legitimacy of FO related to the spectrum.

Those are my thoughts ... hope others can add to them.

orgy