ASIC rules state that when sending ASIC Form 6024 (CA) to...

ASIC rules state that when sending ASIC Form 6024 (CA) to shareholders, it MUST be accompanied by an IER of ASIC's choosing.
It must also advise of the offer price now being offered to remaining shareholders.

I can't see a buyback being an option whilst there is a takeover offer in play.

I'm not 100% certain, but I can't see it being within ASX rules.

The other issue you need to look at is about buy backs in general.

There are 2 types of buy backs - on market and off market.

It's a bit hard to do an on market buy back at present!

There seems to be a number of rules in relation to off market buy backs.

No entity should be permitted to make a cash takeover offer for any company if they do not have access to the cash required to purchase all remaining outstanding shares. Believe me when I say that they know they will end up paying us way less than what it is worth! Believe me when I say that they know this is true also!

If they wanted to do the option you outline, they should have declared a dividend prior to launching a takeover offer.
There could have been plenty of questions about this strategy, given the bank balances and anticipated expenditure (as per Quarter,y Cash Flow Reports)
Given the shares are suspended, it wouldn't have affected the share price, but it would have given the bidder more $ and also lowered the value in the IER.

Don't forget the Bidders statements (as released to the ASX) advise that all Realm directors will continue to manage Realm in the best interests of ALL shareholders.
Realm didn't really have scope to declare a meaningful dividend at any time prior to the takeover offer being launched. The shares have only traded for 6 weeks in the past 25 months, since the Foxleigh acquisition was made.
It is nearly 15 months since the shares last traded.