Definitely minority is the winner. CCB forced to buy back at old price RM 2.40 on open market. The rule is when they offer a takeover offer, it cannot be lower than the highest price they paid in the 6 months preceding the offer date. I am not sure if they can request for voluntary delisting because minority shareholders can shoot down easily. My guess is they will buy up to 89.99%, then launch takeover at minimum RM 2.40, then withdraw listing.