It says that there is skepticism that the NDRC required Hanlong to lower their bid, but that some think that Hanlong think the only way to get funding from China Development Bank if it agreed to cut its offer.
It says that SDL was hoping for a deal closer to 50c, and will now consider all its options for a new deal or pushing for a better outcome for its shareholders.
It says that the big SDL holders- Hong Kong-based Senrigan Capital, backed by Blackstone, and JP Morgan and Orchid Capital- have only "tepid interest" in the 40c offer.
The article says it is understood Hanlong can have its finances locked up by Christmas, which will please cash-strapped hedge funds.
SDL Price at posting:
33.5¢ Sentiment: None Disclosure: Not Held
