Hi Rock, I have no idea what Siah's motive is. But the fact that HH bought SB shares in the market at 75ct seems to point to the scenario that even if it does not garner 90% of SB shares, the takeover offer will still proceed. So delisting SB is not paramount to the offer.
I suspect that Siah and a couple of other bigger shareholders will not sell at 75ct, so 90% acceptance level will probably not be met.
The conviction and intention of Francis Siah are evident. With his purchase of yet another 200K shares of Superbowl at 75.5 cents, he is clearly expecting/demanding a higher offer from Hiap Hoe. In effect, he will deny HH the % that it requires to successfully delist Superbowl.
It is a good idea for us to ride on this, and not accept HH's offer of just 75 cents.
HH has changed the pre-condition for the takeover offer for SB from 90% level to 70%, as expected. The 90% pre-condition was just a tactical move to lure more SB shareholders to sell to HH. The change in the pre-condition shows that HH is serious about the takeover, and it will not be called off.
To date, valid acceptances received is 4.21%, bringing total SB shares HH will own to 77.13%, including the shares HH bought from the market and the ones HH Holdings will sell to HH (assuming they sell all that they own).
HH reiterated that the offer price will not be raised, and I suspect they are serious about this.
SB is likely to remain a listed company post takeover offer’s closing date in March.
I will be selling at least some of my shares in SB to HH and look to re-invest in other undervalued shares.