Chinese Fire Drill without the Chinese

Mabe of Mexico has proposed an offer for the takeover of CAMCO of Canada, with the goal of acquiring 75% of company, the minimum necessary to go private.  The CAMCO board has unanimously supported the offer (53% above Friday's closing price), which will be voted on by the shareholders in August.  CAMCO's largest shareholder, GE with 51% has agreed to the offer, but other major shareholders have not yet indicated.  CAMCO (C$642 million sales) distributes GE products and other brands, and manufactures washers and dryers.  Mabe is a major Mexican brand in its own right, and perhaps GE's largest "outside" manufacturer of appliances.  Mabe is 48% owned by GE.  Is GE selling or is GE buying?  Are they liquidating or consolidating?
UPDATE:  Sep 22:  97.3% of CAMCO outstanding shares have been tendered to a subsidiary of MABE