Yeah tangey99, the TOV are hopeless, like most bureaucracies, how can they make a statement like that without "defining" what constitutes a superior offer?
You can see what's going to happen here, there will be further appeals, and possibly right through to the high court, because if someone offers a higher cash offer than a scrip equivalent, and it's turned down, then the cash offer bidder will just go to the courts with their case, probably also with a combined strategy of delay as well, and appeal if they lose, and so keep it rolling.
As they are Chinese, they may try and tie this up in the courts for years, it depends on how determined they are.
And they may be bluffing EMR, and trying to force EMR to pay them off at a high settlement cost.
In a surreptitious way they may be saying to EMR that if it wants Bullseye then pay Xinhe 45 cents a share and they'll sell their shares to EMR, otherwise Xinhe might threaten to keep this tied up in legal action for years, it's a kind of blackmail potentially, if this is their strategy. Everybody has a price.
Gw
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