WHSP "is pleased to present you with an offer to acquire all of...

WHSP "is pleased to present you with an offer to acquire all of your ordinary shares in Hunter Hall International Limited (HHL) for $1.00 per HHL Share."


"If you choose to accept the Offer, your acceptance will provide you with certainty about the value of consideration being offered in contrast to the uncertain future value of HHL Shares. By accepting the offer you will no longer have exposure to the risks and uncertainty associated with an investment in HHL"

Given the share openly trades on market at $2.40, if I was concerned "about exposure to risk and uncertainty" why on earth would any retail owner sell to WHSP at a haircut of 59% (as mentioned in the offer document) rather than simply sell on market?

Does seem like a very low ball offer as, correct me if I'm wrong, I seem to remember most takeovers offer more than the current share price for obvious reasons?

Perhaps someone could enlighten me? What is the happening here?