2nd bidder, page-24

Let's clear this up. There are a lot of short term traders and hedge funds in WCL buying at 40.5c hoping for a competing offer. If L/B extends the closing date of their offer then these short term traders and hedge funds will probably hold to see if a competing offer arises.

If L/B decides not to extend their offer beyond the 8th July and no competing offer has materialised, then all these traders and hedge funds will accept the L/B 40c offer knowing their maximum loss is 0.5c as L/B has gone unconditional. That's why if I was L/B I wouldn't extend their offer on the 8th July (assuming no competing offer has been made) so as to capture the shares of all the traders and hedge funds. Admittedly L/B runs the risk of not securing 51% (and control of WCL) by not extending their offer but at the same time it puts pressure on the WCL board to flush out another bidder by the 8th July otherwise L/B will secure a lot of acceptances as the short term traders and hedge funds won't want to be in WCL without knowing when L/B might come back later to try and mop up the remaining shares they don't own.

If L/B does extend the closing date of their offer, it gives WCL more time to try and flush out another offer (although you would think any rival offer would have shown their hand by now) or report more positive announcements to justify their rejection of the L/B offer.