The Jaya Holdings shareholder saga continues.  Over the weekend Cathay Asset Management announced that it had purchased the 54.7% stake in Jaya Holdings from NOS )Nautical Offshore Services and each of Mr.Cosimo Borrelli and Mr. Jason Kardachi of Borelli Walsh Pte Limited (in their capacity as joint and several receivers) for S$202.6mn or about S$0.48 per share.  This triggered a mandatory unconditional cash offer for the remaining shares at the same price. Please see theOffer document. There has been talk of this block being for sale since the middle of 2010 but the asking price was always higher.  The main difficulty had always been that any buyer would have to make a general offer for the rest.......