Adampak

[CityFarmer]

then I only can say the 3rd party is quite a fool to only release a competitive offer after Navis crosses 50% mark. they can do it much easier and cheaper before that.

If what dxdy accessment is correct, Navis offer is under-value. Then it make sense for higher offer. $ gain is one important factor, but there maybe other factor e.g. gain from a integration of adampak with whoever is the 3rd party or any other sensible economic reasons

We do not know the story behind why the 3rd party only doing it with competitive offer (if it ever occur), possible reasons are

1. Navis know it, and make an offer earlier and occupy a sure-win position, out of surprise of the 3rd party
2. Navis have a unique position to get more than 50% from major shareholder, which require a lot of hard-work. It is also make sense for 3rd party to offer to only single major shareholder, it save both $ and time

All these is just IMHO. Not that i have insider info within Navis and whoever the 3rd party is