BioAmber Inc (fka BIOAQ)

[101King_Kong101]

True, the SISP process failed, but these proceedings were only open to potential buyers identified by Bioamber BOD and PWC.
Once SISP failed, they opened the process to liquidators, financial buyers, as well as continuing to market to strategic buyers.

We can logically deduce that Visolis was the leading bidder with the equity raise, because:

A) PWC said only one leading bidder amended their offer by increasing up-front cash and distributions following an equity raise.


.







B) The Visolis LOI tells us that their "offer supersedes any previous offers made..." Logically, they were the ones who amended their offer and included the equity raise.
Secondly, the use of "up-front" infers future compensation (distributions following equity raise).







I'd say LCY Bio falls into the "strategic buyer," because they've announced their intent to continue operations in Sarnia for 2+ years.
2+ years of operation also happens to be a requirement to keep NOLs intact under acquisition.