Subject: Re: Project Silk Road
From: "Devon Archer" <[email-masked]>
To: "Hunter Biden" <[email-masked]>
Date: Fri, 24 Jul 2015 14:55:20 +0400

As I mentioned we have a $8 billion commitment from BoC to invest in BT as a BHR LP along with the CSC the leading switching Chinese switching company if we were to get the look.  There's a natural synergy with a progressive modern switching outfit combined with the BT rolling stock design and manufacturing capabilities.  Obviously you can do the math on what an equity check even at 50/50 Ltv would provide to BHR not to mention the carry.   Let's go to the guy you know there.  Worth a shot.

Devon D. Archer
646 436 3745

> On Jul 24, 2015, at 2:50 PM, 王昕 <[email-masked]> wrote:
> 
> Devon / Jimmy,
>  
> Further to the team’s presentation at the board meeting in relation to the Bombardier deal (Project Silk Road), we have received the attached (somewhat disappointing) letter from Bombardier in response to our non-binding offer for its rolling-stock business segment (BT).  We have discussed this response with their China advisor – Ivan Cheah (who is also our point of contact vis-à-vis the Bombardier family) and we are of the collective view that despite Bombardier’s prior discussions with CSR, it is sticking to its official line of a dual-tracked IPO / minority stake sale process.  It is possible that it is currently engaged in discussions with another party which prohibits a more elaborative response or it is weary of Chinese investors through its dealings with CSR.  Either way, we are still keen to pursue this opportunity and we hope that the door is still open for discussions provided that we approach them through the right channels. 
>  
> Our plan is to carry on with market reconnaissance and towards this end need to pool our connections and resources in order to gain a better understanding of (i) B’s plans for BT (IPO or sale) and (ii) any potential takeovers by a third party for B or BT (through private discussions with B or through more clandestine means).  Another option is to consider a hostile takeover given that share price is at a historical low.  This is a monumental deal only if we can engage with the Target and its shareholders and your assistance would be much appreciated.
>  
> Hunter – we missed you at the board meeting and hope that you are doing well.    
>  
> Xin
> <BHR letter.pdf