I'm no expert on this stuff, but there are a lot of misconceptions being run out at the moment.
From my understanding:
Having made the takeover bid, Hanlong can not buy on the market - so they aren't manipulating the SP. The Board can't sell the company - they can recommend that share holders accept the offer but share holders then get the chance to say yes or no. It's only when the bidder gets 90% of the shares that a compulsory takeover kicks in. From memory, some 50% of shares are held by retail investors -thats you and me - so we have some power in this.
Hanlong are planning to be a big player in the Australian mining industry so there is no way they will be breaking the ASX rules - they are also being advised by companies who rely on their reputation to continue in business. It is clearly against the rules to collude with others to manipulate an outcome - so enough of these conspiracy theories.
SDL Price at posting:
50.5¢ Sentiment: Buy Disclosure: Held
