Bonia: Am I seeing something weird? (Updated 26Aug)

Bonia is a company I Like. However I found something weird from its today's announcement. Read below:

Read the one in the red box, indicative price of RM1.80 to RM2.00. What is Bonia's price traded at now? RM2.59. Past few days assuming this news has been leaked it was trading around RM2.23.

I am thinking is there anything amiss in this deal?

I believe that the large chunk of shares that CSS, the controlling shareholder is looking at is from PNB. Look below where PNB is holding after selling major bulk of its shares over last few months. PNB has sold a lot of shares to my counting (there could be cross selling among the PNB controlled groups). Hence, PNB has reduced its holdings over the last few months. Who does PNB's group sell to, there are no reports. The selling was probably via direct trading and not through the market as Bonia's volume over the last few months did not indicate large volume traded.

Only few things I can think of:

• Bonia has become unattractive at its current price of RM2.23 to RM2.59 - don't think so;
• hard to dispose such a large chunk of shares - don't think so. Don't we have CIMB and Maybank who are best at what they are doing with IHH, FGV and Astro recently? That block is only at around RM150 million. I am sure it can be passed to some private equities..I am sure CSS would not want to have another shareholder. Look at what Thai Beverage did to Heineken.
• PNB in need of money? Perhaps, but again why such a big block at such price? I know that this price is to make a General Offer unattractive as its price of RM1.80 to RM2.00 would not lead to minority shareholders disposing to the major shareholder.
• There are news of PNB looking for acquisitions (as in this article by Business Times) in fact but the recent selling by PNB was an action which was otherwise and defied that logic. PNB selling to related or similarly interested parties? As a result of this, Bonia's management has taken action to increase their control? The biggest question is the pricing. It says that CSS is looking to acquire at RM1.80 to RM2.00. How on earth they can get that kind of price when we know that large controlling blocks could be more expensive. Again these strategies are to avoid other shareholders from selling to CSS as that price are deemed unattractive.
  
• Whatever it is, these transactions could have involved third parties to avoid the minorities from selling during the GOs. 
• These news put up by CSS is just a "BLUFF" calling as they are seeing third parties snapping up their shares (potentially dangerous to CSS)?
• Or, someone making money somewhere else? This could be another logic which we cannot discount.

Just to add on - Bonia bought Jeco (a competitor with brands such as Braun Buffel, Renoma etc., 2 years ago): it was a sweet deal (not expensive) and you can basically see how smart the Chairman is - so much for once a tailor!