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| Romanian Connection Membership | Banner Exchange Service |
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| By sealed bid auction the SOF issues
a request for bids, evaluates the bids submitted and selects a winning
bid.
The primary focus for the sealed bid auctions are strategic investors. At least 15 business days but no more than 30 business days 30 calendar days before the date of the auction, an advertisement will be published in a central newspaper with large circulation and, if foreign bidders are to be attracted in an international newspaper, too. Potential investors can buy a Presentation File at the SOF’s head office and its branch in the county where the tendered company is located, as soon as the announcement is published. The data included in the presentation file are the following: A fee will be charged for the full memorandum. The bidders must be ready to sign a confidentiality agreement for the data provided by the SOF or a SOF' s representative. Each bidder must be prepared to perform due diligence at its own cost. No later than 1 hour before the auction, the bidders have the obligation to submit the bids and the participation documents. These documents must contain: The bidders who do not submit all the above mentioned documents and/or whose letter of creditworthiness does not meet all the requirements are excluded. Neither the individuals or legal entities that did not observe the obligations stipulated by the shares sales-purchase contract previously concluded with the SOF or with NAP, nor the legal entities undergoing reorganized or bankruptcy procedure are accepted to direct negotiation. The bids will be opened on the date, hour and place announced. The members of the Auction Commission will evaluate and compare the bids on place, according to a rating grid. SOF evaluates the bids based on a rating grid. The winning bid is the bid that accumulated the maximum score. In case several bids have accumulated the same maximum score, the bid who offered the highest price is declared the winner. In case the bids are still equal, in order to rank them the auction commission shall organize immediately an open outcry auction and only the price shall be bid. Potential complaints of bidders must be submitted in writing, at the SOF’ s offices, within 24 hours from the date when the winner bid was announced. In case the complaints are grounded, the seller cancels the adjudging decision, announces the decision to all bidders and decides to organize another auction or to adjudge the auction in favor of another bidder. The sale-purchase contract must be signed within 5 to 15 working days from the date when the auction took place or from the date when the complaints were solved. If, at the end of this period, the winner refuses to sign the contract, he loses the participation guarantee. The auction commission proceeds to settlement of the contract with the second highest bidder or organizes a new auction. The term of payment cannot exceed 60 days from the conclusion of the contact. |
