jomb, it's too early to conclude about the state of play.
The 57 cents to 45 cents king hit could very well be China's repsonse to "realizing" a counter-bid would surface regardless.
In this case, no matter what the board recommends or how many YES votes come in, the Chinese would have to end up paying more if JUST one single couter-bidder emerges.
Hence, the Chinese perhaps wanted to lower the floor from where the competitve bidding would happen. GJ and HEDGIES obviously needed to preserve a highest floor possible should something go wrong.
Problem is, the Sundance MASSACRE all happened to take advantage (OPPORTUNISTICALLY) of a massive plunge in IO spot price (over a matter of weeks) followed by the MOTHER OF ALL price reovery (a foregone conclusion as the Chinese ONLY have A SAY IN IO PRCICING for JUST a couple of months).
Bit like tyring to HOLD ONE'S BREATHE.
Sooner or later, you have to breathe again.
The hedge funds who are in the business to make money realize that the LARGEST STEEL MILLS IN THE WORLD (WITH UNLIMITED FUNDING from CHINA'S $3 TRILLION RESERVES) have taken over the driver's seat from HanLong who is now seated in the back row.
SDL Price at posting:
37.5¢ Sentiment: None Disclosure: Held
