Ann: IDX: Replacement Bidder's Statement, page-15

I have no doubt the IDX board are protecting their jobs first, and looking after their shareholders second. There is no personal incentive for them to cooperate with the TO bid. It will be interesting what happens to them if the TO fails. IDX SP has never exceeded 2.00 until the CAJ bid came along, and despite their recent results I wonder how the SP will fare if the TO fails. If it returns back to its pre offer level of below 2.00, which it may well do, what will the IDX major shareholders think of the board then? Either way the IDX board have some thinking to do.

And I agree @Champee that AH must be quietly confident of success to keep pursuing this, which intrigues me because from the information available publicly I do not see why he would be.

Interesting times ahead for sure.