Ann: Fourth Supplementary Bidder's Statement, page-25

The sub committee are the independent directors.
I believe the independent subcommittee would reconsult with the independent expert given the bid had been altered. They would to reassess their opinion, based on the new offer.
Taurus would of been hoping the independent expert deemed the revised offer as fair, given the circumstances, regardless of whether they thought it was reasonable or not.
It doesn't matter anyway, as the independent directors rejected the revised offer.