Ann: On-Market Takeover Offer for Richfield International Ltd,RIS-MVT.AX, page-7

There is likely to be a few large holders who don't sell as they are management or close to the company.
MVT is unlikely to be a buyer to buy the business. This looks to be Ron Brierley trying to squeeze some action by the management shareholders and those close to the company, such as an alternative deal to get him off the register. He holds about 24% verses at least 56% held by the 'insiders'. His average price will be higher but he may be able to force / crystallise a deal.
I only have small holding having bought Nov15 at 16.5c - maybe a little more in it.