Ann: Revised Nyrstar Proposal , page-26

Ok thanks so they are not required to make a bid. The only reason I can think of for Toho to acquire more shares in the company is to have their own transactions approved. I really don't see other shareholders agreeing to dilute their shareholdings with the Toho transactions when Nystar have made a takeover offer at a premium to the current market share price. If Nystar's takeover is "dead in the water", so is Toho's.