dio recommends avoca's increased bid 1 for 2.3, page-15

Several possible outcomes after an incomplete takeover.


They come back in nine months at same price ( OPSM ).

They come back in a year at 1/4 the price ( Pacifica PBB )

They come back in a year at a better price ( Auspine ).


If they get up to around 80% and price is the only issue, it makes much more sense to wait at least 6 months and offer a higher price to the holdouts, than it does to offer a higher price to everyone now.