I could be over complicating this but would Huayou board member have gone with the group in order to not tip their hand.
Huayou only have to pay up 86% of their bid as they already have the rest. 43c bid would be the same $114m Chengtun are offering and they get to keep the asset. I would have thought that was more beneficial than a small cap gain on their holding.
I could be over complicating this but would Huayou board member...
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