Ann: Trading Halt, page-128

The management of cph is telling you something like if you do not accept the merger the value of cph will be excessively driven down in value. I doubt the retail has the numbers to stop the merger so I am guessing it would go ahead. If it does then who cares what happens to cph. Let them drive it to zero as at the end of the day you will get the shares in rlh - only 60% less of your cph holdings but if it goes up you will end up a winner. (hope)