Ann: Notice of Extraordinary General Meeting, page-10

What is indeed strange is that Tsingshan need a shareholders vote to buy at $1.37, yet is the market there are willing sellers at below this price. Should that be the floor to the price? and if not why wouldn't Tsingshan just buy it cheaper from the open market and be done. The probable answer is that they probably want to keep the price low (not buy) to get the max allocation via the vote. The more strange thing is that Mr Market is willing to sell at below that price? Another example why Efficient Markets do not exists...