I'm only speculating, but I'm aware that there are 6 parties involved currently in negotiations. Several of these would be considered less prospective at this point and I suspect that King Emperor is part of the group or consortium that is part of this latter group. You would not expect all 6 to progress past the term sheet negotiation phase and Cokal has probably decided that the price offered is not the best out of the indicative offers received to date, hence King Emperor speculating that instead they are hoping for a takeover. My guess anyway based on information I have been provided.
