Hypothetically, bringing Celularity and Fuji together physically...

Hypothetically, bringing Celularity and Fuji together physically in the same meeting place with Cyp, shouldn't be necessary to show Fuji that a TO was not going to work. And indeed it would only be persuasive to Fujifilm in that scenario if evidence was offered - evidence like firm commitments from Celularity which would be either legally binding or not (so persuasive or not) - which if they have (to the knowledge of Cyp directors) they'd have to disclose to the ASX not just Fuji precisely because they were firm commitments (as information which would be material to the share price) .

So far as I am aware there is nothing to stop two potential suitors (say Celularity and Fuji) seeking each other out - they don't have obligations to all Cyp shareholders. But Cyp directors do.

I also think a TO offer by Fuji would be material and so CYP directors would have to immediately inform the market.

All in my opinion.