bid might be 75 cents, page-59

Pythagerous, the fact of the matter is Han Long preemptively ran the 50 cents story to condition the market that's what they are offering.

The board and the hedgies don't want 50 cents and they counter-leaked their position. The 40 cents crap is a red herring, just to let off some fireworks.

The hedgies see no reason from either a legal basis or a commercial basis to do so. The board and the hedgies are one on this which provides a very powerful defence (it's ablocking stake that gurantees a deadlock irrespective of what happens to the share price).

They also high lighted Han Long's weakness to China's chagrin hence the silly 40 cents odd angry shot which defies logic (for that purpose they let loose an unidentifiable homing Pigeon to Reuters).