Ann: Huayou Cobalt Group Increases Shareholding in AVZ, page-60

Still don't know how a TO will eventuate when AVZ Mgt and Airguide hold 17% of the registry. In addition to that, a majority of the Top 20 shareholders imo would not entertain an offer that doesn't provide them the best return. What % is required for a TO to be pushed through? 75%? Not sure. If it is, that's saying only 9% of the remaining 83% of the registry have to say no for it to get rejected.

HC can attempt a TO, but imo it will only serve to drive the SP up which would be a good thing.