looks like it is all over

Looks like KCN's bid for AND is over.

However, if the bid closed at 7 last night, Sydney time, shouldn't KCN have informed the ASX about how many shares they have in AND at the close of the bid?

The market might actually like the result, with KCN up nearly 5%, though on small volume. Note: AND have dropped in price despite gold's US$20 rise last night.

If KCN have about 20% this will set them up in the box seat for another tilt at AND should AND really start to look like value while at the same time not too many KCN shares (dilution of KCN share holders) have been issued to achieve this position.

The best of all worlds for KCN, but possibly not for AND Management who know they probably have a significant major shareholder ready to strike should its price improve and/or should AND continue to deliver the goods.

In addition, with a major shareholder of over 20%, this is a disincentive to other bidders who would first need to come to a satisfactory arrangement with KCN to have any chance of succeeding.