What's next?We all know that this deal is not commensurate to PLS true worth.
That being said, we can read into what Dev is doing in China by looking at it in two ways, and detirmining what is next for FCU/mergeco.
1. The deal has clearly been voted down, however LL and Dev are trying to solicit some other incentives overseas to rebuff the deal (at a future date), and have another kick at the cat incorporating the Chinese money in some way.
This is indicative because Dev was able to go overseas before the closing date disregarding the constraints of the non-solicitation clause.
2. The deal has gone through, and Dev/LL are hitting the ground running trying to attract foreign ownership in mergeco through the Chinese.
Just my thoughts...