Meetings between the two companies were held in China in February, but little progress was made. By March, the two companies were still negotiating price. The fall in coal prices and coal company share prices had changed the negotiating range. Yanzhou was now offering only AUD12 per share. Both Felix and Yanzhou were feeling the effects of lower share prices. Because of the scope of the deal, both Chinese and Australian regulatory authorities continued to review the proposed transaction, although the parties appeared to be far apart on price.