I tend to agree RoyceL.
Just wonder though with your first point whether Brierley only comes back with 10 cents, or even 9.5 cents even though it has no chance of succeeding. I have seen him be a bit tight and very patient with his bids before. Having said that I doubt that will change the end game too much, which is someone else will win control at a higher price.
Another bidder likely, page-3
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