Totally expecte and makes a lot of sense, yet something feels weird about the process.
ING drops takeover, instead buys management and hold around 20% shareholding.
So a few months later, launches another takeover. Difference being:
1) They don't have to worry about a competing bid since their management contract is enough to deter almost anyone (can only be terminated by a 75% majority and even then probably get paid a fee of 700 yrs their annual fee).
2) They know everything about the target, by virtual of controlling their books.
3) If CHP shareholders don't accept, ING will still get the management fees, hence no great hurry in timng hence no incentive in offering a reasonable premium.

So we have a non-competitive takeover with the bidder also holding the keys to the target's bedroom. Great job Macquarie!