Firstly, my gut feel is a full cash offer at circa $3.5 may be made as a sweetener after this attempt fails. WN has plenty of money. It's just a front for China Inc.
I wouldn't worry too much about this T.O (Needless to say, I won't accept). The reason nobody accepted last time is the same reason why nobody (apart from the directors who may just be getting something in brown paper bags) will accept now.
Wah Nam won't succeed. They won't reach anywhere near 90%. The free float is too big and share holders will dig in even harder given the monetary value is much less (never mind the original T.O was all dunny paper).
If anything WN can use this opportunity to mop up a few more shares on the market.
The longer the minority share holders can hold out (the fewer shares WN need to mop up in the end with hard cold cash), the more money in the bag to be had (as well as no dunny paper scrip in the final offer).
BRM Price at posting:
$2.26 Sentiment: Buy Disclosure: Held
