Given the fact that Vocus had pitched the sale as $500m+. I would find it unlikely that they'd progress any of the buyers into phase 2, had their indicative bids been much lower than their expectations. So it'd be fair to assume the indicative bids that made it through would be close to the 500m mark. Maybe $400-500m range.
I think even a sale at $400m would be a step in the right direction.
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