RE:Rivett said we are all alone ?????I've wondered about that "on our own" comment at some length myself.
Here's what I think probably happened. Haven't asked the company about this. But I think this makes sense.
GRZ put in a bid of, call it X. More than $8 billion. But not $10 billion.
Special Master ("SM") soon is talking only to one bidder. (Turns out it was Elliot. We only learn that later.) SM won't even talk to GRZ.
GRZ's bidding partners see this and come to the same conclusion I did--something like, hey, if SM is only talking to one bidder then that bidder must be WAYYY above our bid (and all the others). Maybe this mystery bidder came in at $10+ billion, way above where we're looking to go.
At this point, GRZ partners say something like, well, it was worth a try. Congratulations. You're going to get your award in full.
GRZ partners go their merry way, not because they are abandoning GRZ but rather because it looks like the game is over. But they keep each others' phone numbers.
By September 19 (day of that GRZ press release) GRZ is somehow getting a feeling that mystery bidder (everyone knows it's Elliot by this time) may not actually be at such a lofty level. Hence the complaint-sounding remarks about being outside the bidding process.
September 27 comes and world learns Elliot's "winning" bid is only a lowly $7.28 billion. Bloomberg and Wall Street Journal mistakenly pretty much declare the auction over. Market freaks out completely, wrongly sees GRZ getting nothing.
Reuters makes situation even worse by wrongly telling the world that GRZ had dropped out of the bidding process.
Here's the key thing. With Elliot at only $7.28 billion . . . well . . . GRZ and their partners of not long ago suddenly have something to talk about.
Like, hey, maybe we could end up getting Citgo after all. Talking with partners is 100% BACK ON.
Market starts to clue in to this possibility. Stock starts to recover from ridiculous give-away levels.
New situation is going to require Rivett spending lots more time on phone with bidding partners. Likely their are hassles in having him do this as vice-chair of board. Better to just give him position / authority of CEO.
They do.