There are two ways to look at Hanlong's involvement. 1. In a...

There are two ways to look at Hanlong's involvement.

1. In a normal takeover, it would be an insurance policy, and that would mean their bid should have been a floor to the final offer. That is why presumably George Jones is reported to have said 57 cents and no less.

2. Instead what has happened is that Hanlong has constrained the company from seeking other bidders. It has, for whatever reason, forced the company into tunnel vision. The bid has become a millstone around the company's neck. And Hanlong are using the leverage it has over SDL to extract its rents. It is squeezing the shareholders so that it can increase its margin.
Every cent the bid price falls is an extra cent to Hanlong. We are negotiating with the wrong party. We need either to negotiate directly with the SOEs or we need to find another bidder.