Standstill Agreement That clause in the confidentiality agreement prevents a takeover from a company that has been given access to the data room.
It was a sticking point in the JV negotiations.
One presumes that the list of JV partners have now been narrowed down to 2 or 3, in which case the SA could be suspended and the negotiations could include a takeover of the entire company.
There is of course the possibility of a merger with a cash rich partner like Athabaska or Nexen.
In any event, very strong fundamentals have placed CLL in the drivers seat as to its future options.
One good thing about a Chinese takeover is that they allow most of the incumbents to continue to run the company.
This is a good selling point for management.