Ann: Fifth Supplementary Target's Statement, page-27

The Takeovers Panel are the ones who have put us in this predicament.

The bid was dead prior to their involvement, there was no way T2 was going to get near 90% before they got involved.
Re-listing was the only way forward (directors acting in the best interests of all shareholders) if they failed to get 90% (which it now seems likely they will).
The Panel helped shareholders who had accepted the original offer (about 1% of the shares over a 3.5 month period), but they have seemingly destroyed the chances of the remaining holders (12%-13%) getting anywhere near what they consider to be fair value for their shares.

This episode will go down as one of the biggest swindles in Australian corporate history.