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The offer was made when they acquired a block of shares from a substantial shareholder (which I suspect is former chairman Bert Choong) at 51cts and it triggered a mandatory offer. Therefore, I suspect they are not serious in taking out the minorities but just following the rule.

http://infopub.sgx.com/Apps?A=COW_CorpAn...2.5.17.pdf

Grand Slam RF18 Investments Pte. Ltd. to Exercise Compulsory Acquisition

As at 5.30 p.m (Singapore time) on 11 July 2017, Valid Acceptances of the Offer amounted to an aggregate of 213,259,799 shares, representing approximately 97,28 per cent of the total number of all the issued ordinary shares.

http://infopub.sgx.com/Apps?A=COW_CorpAn...Letter.pdf