I first covered China Merchant Pacific Holdings in Sep 2011 which is almost 5 years ago. Today is probably one of the last post on CMHP because the parent made an offer for the shares it currently does not owned at $1.02 and the convertible bonds that are not converted. This represents a 20% premium over the prevailing trading price of $0.80. It is a bit bittersweet for me considering my history holding this company. It started out as a company with a New Zealand property business plus some toll roads with a huge cash holdings. At that time, the appeal was that it is net cash but also that it is paying a good dividend from net earnings, unlike many of the trusts that is paying out of cash flow. The problem is that, you are not so sure of it as a China firm. Over time, ......