"If there is no binding offer in September, preferably Sept. 17, then I think we are dead".
Ssangyong had set Tuesday as the deadline for a binding offer for the company.
I have never made a bid for a company and not followed through with a binding offer when given the customary due diligence.
French insurance group AXA said Friday it has received a binding offer for its reinsurance business from a private-equity consortium led by Stone Point Capital.
Gazprom, the only prospective bidder, failed this month to make a binding offer for Depa, the state natural-gas supplier.
In a news release, Mr. Narasin said that his only communication with Narax before the company's bid announcement was the fax, which said, "This communication describes a nonbinding proposal and does not constitute a binding offer".
In an unusual contractual agreement that gives the authority until May 27 to exercise a one-year option to make a binding offer, it will be investment bankers, not KeySpan and the authority, who set the final figure.
"We didn't put any non-binding or binding offer on the table," said Zeiler, who is about to leave RTL to run Time Warner international channels business Turner Broadcasting.
Japanese brewer Asahi has made a binding offer to buy beer brands including Peroni and Grolsch for €2.55 billion (£1.98 bn).
Lawyers disagree as to whether these rights are watertight, but they also cast some doubt on whether Resolution can come up with a binding offer.
In a statement, Rona said that it was approached by Lowe's on July 8 with a "non binding" offer to pay 14.50 cents a share for the company.
