Ann: Conditional Non-Binding Proposal to Acquire All MYL Shares, page-14

3.5 is definitely at the lower end of what most people were hoping for via a project sale, I think.

The Company seems receptive to the offer though, willing to work with Yintai to get the offer in front of shareholders, etc

Perhaps all the negotiations have already occurred before this conditional offer being made, and its the best the company feels it can get

I suppose it puts a tentative floor under the SP and there's aways the possibility it'll smoke out a better offer (though the Chinese tend not to bid against each other)