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    It is really simple folks

    It is a sale of a business as a going concern (hopefully)

    The normal sale process protocols will be followed once HMG makes its choice as to preferred bidder.

    Then the bidder will go through a process of examining DHB books etc. to decide if it is really a going concern, whether they can make a sensible level of return on their investment over a sensible time period.

    Given the disclosed accounts of DHB (£60m turnover generating £15m gross profit), it is a very good investment prospect for UK based Pension Funds particularly if the bonds carry a sensible/competitive interest rate over their duration. It is likely that a range of durations (5/10/15/20 years) will be used/offered to raise the funds, carrying different interest rates depending on duration. This is exactly the sort of thing Pension Funds love as it helps them plan sensible investment strategies to meet their future liabilities.
    (I work for an Investment Management House - but not on the Investment side and cannot offer investment advise)

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