Ann: Change in substantial holding - bidder now has 95.61%, page-62

The Takeover Offer was only considered by the Independemt Directors, and not the entire Board.

The Independent Directors acted on advice from the Independent Experts.

The Independent Directors noted that the offer was NOT FAIR, but reasonable.
There were also comments about each individual shareholders risk profile and time constraints, which could lead to them considering whether they should or should not accept the Offer.

In regards to your points

1) The Bidder has never publicly stated they will take the 35c from RRP, although you can pretty much guarantee they will. Why use your own money when you can use someone else's!!
2) Look up the difference between the value of a Realm share on a control basis versus a minority basis.
3) no such rule as far as I'm aware.
4&5) I can't mount an argument against those!

TOV and ASIC haven't appeared to have done a lot for us. I wish TOV had never got involved given what we know now.