Hanlong's bid can keep moving ahead without a scheme of arrangement. It is clearly meaningless anyway given the number of times it has been modified without penalty. Sending them away and telling them to come back once they have an unconditional offer will have zero impact on the likelihood of the takeover occurring or the share price at this point. Delays are already priced in and Hanlong are too invested to walk away.
In the meantime I want the Sundance board doing something other than supporting Hanlong's bid, which as far as I am aware (since their disclosure is terrible) the only thing they have done for the past year.
SDL Price at posting:
34.0¢ Sentiment: Hold Disclosure: Held
