RE:RE:What the meeting was about! Most important comment missedIn most cases usually a meeting takes place with the buyer / seller after they've expressed interest. NDA's are signed and information is shared. They review the confidential information memorandum which will have the broad strokes on why LME is an attractive purchase.
Next step comes in the form of a LOI (Letter of Intent). The Board would convene to approve or deny the LOI from the purchaser. It will have the details of the deal format.
The deep dive or diligence is done after the acceptance of the LOI and LME would open up their deal room for the purchaser to come in and this usually takes a few weeks to months to complete. If the buyer still wants to proceed after they try and find all the "skeletons in the closet" then they would move to legals and instruct their counsel to draft the deal framwork.
This process between the lawyers takes time as both sides will have a sea of amendments to work through.
In some cases on a larger deal, bank financing is included and usually a clause to be closed prior to proceeding with any transaction.
Once all the above is confirmed and completed, usually in the 11th something happens and both sides will have to work through some world event.
Deals closing on time and as planned are very rare, expecting LME will have its share of hurdles to overcome, however, i'm confident that they will get something in place and closed very soon.
When they announce it is anyone guess.