If WN is not warehousing shares, then the cash / scat paper bid...

If WN is not warehousing shares, then the cash / scat paper bid has failed before it began (for no sane holder will accept such nonsence - for the same reason why they didn't accept earlier).

If they are indeed relying on holder acceptances (retail or instos), then I can be pretty certain that WN may not even extend the current offer beyond the first deadline and instead quickly amend the bid to a $3 all cash once and for all.

Listen up, it took Wah Nam no effort to come up with $150M (I mean some anonymous chinaman in HK has a lazy $150M sitting behind the couch...c'mon).

Another Chinaman surely can easily be found to have another lazy $150M yeah....