PNB announced that they are making an offer of RM380 million to buy SILK. It would be useful to obtain more details on the valuation besides what was contained in the announcement. What discount (or haircut) is the SILK bondholders expected to absorb? Bear in mind that these are long-suffering bondholders who have been through the pain from SILK’s project finance default days. Should they let SILK shareholders enjoy the PNB cash while they take a haircut?