low ball chinese bid tossed out , page-36

Currently, I am leading more towards speculation (1) where GJ has made clear that a blocking stake by one or MORE hedge funds will definitely block the deal at 45 cents.

This would be the most logical reason deferral of the letter.

A face saving way for Han Long to climb down would be up the offer (in context of the 50% increase of MASSIVE HIGH-GRADE ore) and everyone walks away rather than getting stuck in a stalemate.

A behind the scene compromise will save the Chinese face whereas a rejection come vote time (where the PRC has then to up the price to complete the transaction) will make them lose face.

Same logic behind the witholding of the CDB letter until they have confidence of the $$ amount where the deal has a chance of getting through.