Normally private equity players would not pursue any kind of hostile deal and are usually reluctant to even consider listed companies. However, given Asciano lifted its skirts during the trade sale process, interested players have inspected the books and understand the business. The cloud on Asciano's horizon is the potential for a ports competitor in NSW. While NSW Ports Minister Joe Tripodi is expected to open the game to a third stevedore, the Government is at present in such a state of disarray it's difficult to judge whether this decision may not be put off for while. While on the topic of board renewal, Asciano is not the only company that has felt gentle pressure from investors to engage in director churn.