You miscompute Teo. CL27 is saying or more correctly alleging...

You miscompute Teo. CL27 is saying or more correctly alleging that Toho started buying shares on market to push CBH above 13.5c. 13.5c is of course the offer made by Nystar. This suggests a ploy to make the initial Nystar offer less attractive to shareholders. Who in their right mind would sell shares to Nystar at 13.5c when they are fetching over 13.5c on market?

I don't think any further Nystar takeover offer is going to work unless it is at a ridiculous price like a dollar a share. If they do make a further takeover offer, it will be in full anticipation that it will fail and it will only be to make the price paid by Toho for the transactions much higher or to make Toho's transactions fail. To wreck it for their competitor i.e. Toho.

A third party emerging? No way. I don't see anyone seeking to acquire CBH when we already have two kahunas in the ring. PEM might be interested in some cost sharing arrangement with CBH but this can be achieved without resorting to a full takeover.