Agree good strategy, quite typical of Chinese business - agree on price get seller excited then delay, frustrate, delay, use fear of walking away and bring down the price significantly.
On the positive side not all shareholders are that STUPID to believe Hanlong's bull.....
On another note, isn't it the boards job to come up with a takeover defence, combat poison pills, thats why they engaged UBS was it not?
I wonder what the takeover defence actually was?
"Hey - We've got an offer via fax from Hanlong, they don't have any money and they want a million and 1 conditions, oh and they want to renegotiate later on and delay for Chinese national holidays but theyre keen to do it. Oh and they won't put down even a deposit.
"Great! Forget about all the ADVANCED Joint venture talks then - Lets do it with Hanlong - oh and if they need more time or miss a few deadlines, no dramas. She'll be right as rain!"
20 months later.....
SDL Price at posting:
32.5¢ Sentiment: None Disclosure: Held
