1. Appointing Martin Cheung as CFO
2. Appointing Jones Day as its new corporate counsel.
3. Appointing American Appraisal China Limited to provide valuation services and Morrison & Foerster LLP as its special legal advisor to assist the Special Committee in its work.
seems like a very legit company to me. What do you guys think?
They will not say no to the proposal at least at this stage. This is all part of the plan to kill the price and buy shares cheap and now they have added to the uncertainty indefinitely which is part of the plan and since there is no commitment (definitive agreement or any agreement) the offer will be withdrawn once they have bought enough shares cheaply and then make a cash offer for the remaining shares. The protracted waiting will force many people to sell to them and they can't get a better deal than this. But I am not bothered and actually will be buying with the dips since eventually they have to make a cash offer or revert back to the original situation. No matter what there is good profit in this.
It took them a long time to hire an independent financial institution to evaluate the proposal. That should have been done the first month after the proposed offer. Now they left the matter to rest indefinitely. I never believed that there was a real intent and considered the bogus offer as a ploy to kill the price so the CEO and affiliates can accumulate the stock cheaply and then come forth with a cash offer, perhaps $3.50 to $4.00 for the remaining shares. That is the cheapest way of taking over the company. You are dealing with crooked management.
I am Chinese and I have done research on the CEO Jianhui Lai. He is actually known for being a philanthropist in China. He donated money to the poor and built a school for the poor people in his hometown.