The "2c" (currently 1.94c) offer is just the lowball first offer to soften shareholders up for the next "final" offer. Maybe 2.6c? Lion don't have much cash on balance sheet ($15m last accounts) so would have to borrow to make a cash offer. Surely offering Lion shares quoted in Singapore in SGD won't wash.
The "2c" (currently 1.94c) offer is just the lowball first offer...
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