offer at 66cents buy now, page-4

With today's announcement it appears that the risks are diminishing fast and the proposed transaction looks genuine.

Am I right in thinking that these are the remaining risks:

(1) SEHK to approve Dingyi shareholder meeting format/ timing given the size of the transaction to Dingyi [doesn't seem too left field and I can't foresee anything out of the ordinary here].

(2) Dingyi shareholder vote approves takeover. [Again, if SEHK allows Dingyi's major shareholder to vote then, given that they have +50% of Dingyi, then this would seem a given. Even if they were not allowed to vote I would assume it probable that the remaining Dingyi shareholders would approve the transaction.]

(3) Dingyi obtain 50.1% acceptances from ELM shareholders. [Given that Dingyi currently own 17.86% of ELM I would think that this should be fairly straightforward.]

There is currently a 18-19% arb on this based on 54c SP and 66c cash offer price.

What am I missing?

Cheers
John