If mamangement rejected a $1.70 offer and its business as usual for the company there is no way they are going to accept a lower offer just to prevent dilution of those shareholders who dont take up the rights issue.
Personally I prefer the rights issue and let the comapany prosper. Cathay are just playing games now that the price is rock bottom. Sneaky private equity!
cf's new cash offer for dml, page-18
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