theory no: 999

OK everyone else has had a crack at a guess here is mine.

Gj and Gc have got this gig so sewn up that they will get their wish of a JV and no takeover will happen.
I believe that Hanlong new it too and only offered 50c so that the board could reject it outright but it would boost sdl share price and Hanlong share price.
If they had offered too much it may have had to have been put to us as shareholders to vote on which would not be good as they just want a jv partner.
That would explain as well why no other t/o offers are coming forward.

Sounds good to me.....hope I am right....this time.