Nope, the Bidder made a proposal around $1.25 per share but this...

Nope, the Bidder made a proposal around $1.25 per share but this was rejected by the independent sub-committee.

There were 3 conditions that needed to be met before the $1.25 was on the table.

None of these were met. They were detailed in the June 12 announcement.

1. 90% acceptances (not achieved)
2. Independent sub committee recommend acceptance of the offer
3. Shareholder approval at an AGM.

The 25c was effectively being paid for by RRP and NOT the Bidder.