Possible de listing of MMA Offshore.

Otto Marine, an MRM competitor, and MRM are starting to have some commonalities indeed.

Otto Marine is in the motions of being delisted from the Singapore stock exchange, see below link, or many others that are simple to find on google.
http://www.straitstimes.com/business/companies-markets/otto-marine-announces-delisting-deal

MRM has  Singapore based major investor who is increasing holdings that may seek to delist MRM , for now at least , and restructure the business further.  All in a similar style to Otto Marine.  Otto Marines local operations may be better known in the Australian context as 'Go Offshore'.

Any thoughts on how to play this potential event?  

Would the best play to be to buy to hope to be takeover over for more? Or would the new holder try to floor the share price via a CR first and then take over at a low price?