if they buy in the market at $8.25 they have to pay everyone $8.25.
thye only offered $8.25 as an incentive to get AOE to accept their offer.
am not certain, but they have declared their offer Final - so i don't think they can now increase the offer - ie they cannot now change the conditionality (is that a word?).
PES
pepper residential securities trust no. 21
bg holding in pes, page-3
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