Lee: Hello, Lee Williams.
Bruce: Hi, Lee. This is Bruce Eng. The reason I’m calling is to find out if there is any news about your company’s takeover bid for Shamrock Corp. It’s been a week and I was wondering what’s happening.
Lee: Hi, Bruce. I’m glad you called. I was just about to call you with an update. Here’s where we are. The offer we made to Shamrock was rejected by the board on Tuesday. Our company’s board of directors has been meeting all week to decide the next course of action.
Bruce: Is there any chance that this could turn into a hostile takeover?
Lee: There is a distinct possibility. Our company is hoping to avoid that since we had hoped to do extensive due diligence, but a hostile takeover may be the only option right now if we decide to move ahead with this.
Bruce: Would the banks go for little or no due diligence? I thought that their support of the takeover bid was contingent on getting more information about the state of Shamrock’s finances.
Lee: You’re right and that may be the stumbling block.
Bruce: Okay, well, call me if you get more information.
Lee: I will. You can count on it.