Interesting, I read it differently.
My take on it was that IDX were hinting that CAJ need to up their bid e.g. "The Offer does not reflect the inherent value of Integral Diagnostics and also fails to deliver a premium for a change of control".
So come back with a better offer in other words. I also wouldn't be surprised if management take this rejection personally given the wording used and the reason why they might not have announced anything could be because they are crunching the numbers on a higher offer as we speak.
Ann: IDX: Replacement Bidder's Statement, page-62
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