change in substantial holding from dba, page-40

The sales and trading component of any investment bank is separated from the advisory side by the Chinese wall. It is highly doubtful that Hanlong have asked DB to both buy on their behalf and act as their advisors.

Also, Hanlong only holds ~ 19% of all shares. The only way the 50c will succeed is if enough shareholders agree.

Keep in mind what was in the initial announcement:

"The Board considers that the terms of the offer do not provide adequate value or certainty to Sundance shareholders and that it intends to engage in discussions with Hanlong about the terms of its proposal."

The board hasn't categorically rejected the offer yet and that must mean that
1. Endgame is near. There is a price that the SDL board will accept.
2. SDL is in discussions with HL to negotiate that higher price, at which this takeover will gain the acceptance of the board.

All this talk about Xstrata and other possible parties is a dream and should not be indulged. They will not be able to takeover SDL as HL has a blocking stake. POSCO could be involved in a JV, however a takeover is a formality now. The price is 52.5c because the market believes that there exists a small chance that HL will increase their bid, $1 is a dream and will not happen. I agree with nursery and have a feeling that the SDL board will accept any offer in the 60-65c range. Keep in mind, an increase in 10c means that HL will have to fork out ~ 300 mil AUD more.