I do not think the board would sell out for anything other than cash.
The comment that Wah Nam are a hedge fund style company I can believe.
Also the suggestion that they try to sell on to a profit to China Rail sounds like a possibility I have heard before.
You would be mad not to hold out for a cash offer from either.
I won't be selling out except for cash.
Great oppurtunity to buy today for potential 50% + gains in a month or two!