COE management obviously not expecting COE sp to be rerated soon...

COE management obviously not expecting COE sp to be rerated soon or else they could have held off making their low ball bid for IPM at this time. As an IPM holder I see this as a joke of a bid, cash component is way too low to remotely interest me. I'd take IPMs management, low risk and dividends any time. As a COE holder as well I'm not happy COE management have made this kind of offer, I've enough COE shares at a higher sp anyway and futher dilution and sp weakness is hardly what is needed. Overall reflects well on IPM potential and badly on COE.