Looks like it’s game on. Our friends at Ho Bee Land have increased their holding to 9.41%
https://www.asx.com.au/asxpdf/20190318/pdf/443l6q3xn18719.pdf
They have bought approximately 940k shares in the two trading days since the TO announcement, Friday and Monday. Are they after a blocking stake or positioning to make a TO bid themselves? Things are certainly getting interesting.