A shot in the dark about where we are at.. Here is a link to a M&A guide for reference, keep in mind these steps do not always happen in this order.
https://www.smartsheet.com/content/merger-and-acquisition-process
In regards to Doug's post this morning I agree with his statement about there being a "fish on the line" because you do not typically set terms, conditions or fees if a buyer and a specific number are not in place. To me, this also indicates that purchase/sale contracts have been drawn up but not yet formally signed by the buyer as that would be a material change and we would have received that announcement.
In terms of what is taking so long I would guess that, while USCG due diligence is complete on LME, further due diligence is still possibly being conducted on the deal by the lawyers. It is also possible that things are being held up as the buyer is doing what is required to get finances in place prior to finalizing the deal, remember this will be an all cash transaction.
USCG was not named specifically due to compliance indicates we are far enough into the process that parties can not be named even if they had been publicly named before. LME is doing what is needed to satisfy the OSC regulations.
Doug also stated: "The question has come up whether LME is restricted to entertain offers outside of USCG. No LME is not restricted."
So on the selling side we obviously are not at the point where an exclusivity agreement is in place but as Doug indicated earlier: "this engagement letter is new and significant because it establishes the terms, fees and commissions for a potential deal." If this is the case negotiations should be complete. So either LME is still working on due diligence alongside the buyer and their lawyers or they are working on drafting the final deal.
Regardless, I am very optimistic we are heading in the right direction and this will come to fruition soon!