Did anyone else notice that CKI's offer requires only 50%...

Did anyone else notice that CKI's offer requires only 50% acceptance, INCLUDING CKI's current 17.46% holding.

Yet for APA's offer, ENV requires 75% acceptance, EXCLUDING APA's 33% holding.

The CKI decision rule is for it's own conditions, not ENV's agreement to be acquired. But it does seem stacked against the local suitor, don't you think?

If the APA decision rules were applied to the CKI deal, the CKI deal would be rejected (because APA alone would have almost 40% of non-CKI shares). If the CKI rules were applied to the APA deal, then the APA deal would easily win.