We’ve covered lots of unusual stories over the years from the world of U.S.-listed Chinese stocks, but the latest involving a management-led buyout offer for marketing services provider iClick Interactive Asia Group Ltd. (ICLK.US) is definitely among the stranger ones.

https://www.prnewswire.com/news-releases/iclick-interactive-asia-group-limited-announces-receipt-of-a-preliminary-non-binding-proposal-to-acquire-the-company-301707217.html

There are quite a few pieces to this puzzle, which we’ll review shortly, giving off a range of mixed signals. The bottom line seems to be minority shareholders are doubtful they’ll get a good deal from this buyout, probably at least partly based on the fact that iClick previously rejected two earlier offers last year at much higher prices.