Regal Funds Management re t/o "on the cheap"

extract from the Age...

Long-term Quintis shareholder Regal Funds Management has raised concerns the sandalwood producer's former chief executive Frank Wilson could be seeking to take over the company on the cheap, though it is to takeover offers above $2 per share.
Wilson recently quit the Western Australian company – which oversees managed investment scheme plantations and makes high-value sandalwood oil and products – only days after a damning report produced by the US short seller Glaucus claimed Quintis is "worthless" and that it has used "Ponzi-like marketing materials" to allegedly draw investors into the company.

While Wilson staunchly defended Quintis from Glaucus, which stands to profit by any Quintis underperformance, he resigned to pursue a takeover with a partner he declined to name but described as "serious" and "well funded".

Quintis is the sixth most shorted stock on the ASX and its share price fell in the wake of the report from $1.47 on March 20 to an intra-day low of $1.295 on March 22. On Friday Friday Quintis closed at $1.21.
In 2012, Wilson fielded a takeover approach from private equity firm Lindsay Goldberg, and paid Macquarie Capital a $1.3 million defence fee, yet shareholders were kept broadly in the dark. It is believed at the time Wilson was considering a sale for about 80¢ to 85¢ per share.

Regal chief investment officer Philip King warned off any suitor seeking to take over the company on the cheap.
"I thought at the time [in 2012] they were going to take it privately too cheaply and we have the same concern now," he told the AFR. "We would consider a takeover offer, but it would have to be in excess of $2. Shares closed on Friday at $1.215.

"The fall of the share price now would allow Frank to take over the company too cheaply again, and we would have a lot of concern if that happened. We are concerned that private equity will come, and steal it on the cheap."

http://www.theage.com.au/business/markets-live/markets-live-iron-ore-bears-roam-20170409-gvhfme.html