We have NGE to thank for the slightly higher offer. With NGE accepting the offer, the offer will most likely become unconditional in the next day or two (once their shares are accepted by Arcade). I'll be accepting the offer and I believe most will too. As a minor shareholder the most likely outcome will be a default on the debt covenants followed by a forced dilutive debt for equity swap (refer Slater and Gordon).
Ann: Variation of Takeover Bid, page-5
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