the poker game

This takeover is, and probably has always been, a poker game. There has been more bluff than in the usual game.
We are now down to the point of see me or raise me.

The yes/no decision depends on what is in Hanlong's hand. There are really only two possibilities

(i) They are have been only interested in a trading opportunity, or a blocking opportunity; or there is another hand for them if they walk away.

(ii) This is a priority investment for them. This is their main hand and they need to win it.

To assess which of these possibilities is true, you need to look at how their strategy has unfolded. That strategy has been designed to play down the importance of the investment, lower the expectations through selective leaking, and to delay the process. The strategy points to a classic strategy of bluff designed to force the other player (SDL shareholders) to throw in their hand. After the takeover is over, we will then see the real Hanlong and the real value of the investment.

In a game of bluff, it is best to force the other party to reveal their hand. And for SDL shareholders, that means to vote NO.