It looks like Simon Cheong has won the battle with Wheelock over his SC Global offer.
Wheelock has decided to sell their shares to Simon Cheong. With that, the number of shares owned by Simon will exceed 90% of the total shares. He will be able to delist the company and do a compulsory acquisition of all the shares he does not own.
Earlier, Wheelock had mentioned that the offer price of $1.80 was too low. They even bought more shares at above $1.80 to make their point.
I guess the property cooling measures announced last week made them finally decide to throw in the towel.