Firstly for a deal or contract there has to be offer and...

Firstly for a deal or contract there has to be offer and acceptance

an offer, non binding and conditional was received ,refer to the announcement for the purchase price f all of the shares of nuh in April 2019

the offer, doesn’t matter how it was made , was withdrawn

details of the withdrawn offer were disclosed in confidential “ soundings” to potential investors during a book build months later

nuh called it an offer, disclosed it was not released to the market earlier as it was non binding and conditional and subsequently withdrawn, but they also thought it was “important” enough to drop during confidential soundings with potential investors when it was seeking more capital a few months later

something that is non binding and confidential doesn’t mean it’s not an offer, Just means it weak , doesn’t need to be disclosed there and then and probably highly unlikely to complete