As I understand it:Maybe a placement to GMD alone could be done...

As I understand it:

Maybe a placement to GMD alone could be done legally by DCN directors. But a 2nd TO bid would face two hurdles: (1) GMD can't just pay whatever it takes to get a few more shares ...in a TO they have offer all holders the maximum they have paid to any holder (2) For compulsory acquisition they have to get to 90%, but they also have to get 75% of remaining shares, which means, in effect, about 95% of the company in this case. So a blocking stake for a 2nd TO wouldn't have to be 10%, which Kin / Delphi already have -- it would only have to be about 6%. Even if a placement reduced Kin/Delphi to 9% it wouldn't matter. (3) Kin/Delphi can always get more shares by paying whatever it takes ... they can pay me a $1 for my shares with no obligation to pay that to anyone else.

(Delphi if you are listening the offer is there).