The proposed takeover of SDL by Hanlong should be a mandatory...

The proposed takeover of SDL by Hanlong should be a mandatory case study in all Australian business schools in the future. Unless the board of SDL acts to protect those retail shareholders who have stood by the company, the case study will show that
1. A predatory bidder with a history of poor corporate governance has been able to obtain regulatory approval to expropriate value from existing shareholders.

2. Neither the regulator nor the board have protected the long-term interests of shareholders.

3. From an original low ball bid, the discounted bid has given a new meaning to low balling.

4. The selective leakage of information during the bid process has been highly prejudicial to existing shareholders.

For its own integrity, the board has no option but to reject the bid.