In the bidder's statement : " HGM has the right but not the obligation to match any competing proposal of this nature".
My under standing is HGM did not rule out the higher offer if there is a counter bid on the table.
As to what you mentioned :"Hanking has already made it clear they don't want to make a high off to PGO"...I don't think any take-over offer will say "yes, we would like to offer more if you guys are not happy with what we offered.."!
Ann: Hanking Australia - First Supplementary Bidder's Statement, page-9
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