Ann: On-Market Takeover Offer for Richfield International Ltd,RIS-MVT.AX, page-17

Lets focus on the stock and what may happen.
Boards alway reject until they receive professional financial advice.
The Board has appointed an advisory firm.
Boards will then probably decide to reject, with a view to seeing if a higher bid emerges.
A look at the last annual report and substantial shareholder notices (names, addresses etc) over the last year or so will show who in the case of this stock hold around 56%. I suspect he will not be able to shake thee holdings loose with this offer.
I expect Sir Ron Brierley to ask for an EGM to remove some of the directors and / or appoint Sir Ron or another director to the Board to try to shake. They may want to buy MVT (Sir Ron) out to get rid of him and take back control.