Yes Pala were the ones that originally signed over their proxy to Dingyi as the basis for the takeover launch.
Dingyi needed a major shareholder's support prior to launching the takeover.
Once the bid closed unsuccessfully, Harlequin made their stealthy move to take out Pala's shares.
Dingyi tried to counter offer but the contract was already done with Harlequin.
That weakened Dingyi's power significantly.
It doesn't mean Dingyi can't get control as they have the financial muscle but it is fair to say they will need to pay a lot more than they wanted, which is as little as possible.
It's going to take a lot more than just picking up 3.8 million shares on market....
K2P Price at posting:
22.0¢ Sentiment: None Disclosure: Held
