If it's knocked back they are more than likely going to go...

If it's knocked back they are more than likely going to go ahead and acquire the shares on the open market which will at a price above 22.15 unless everybody holding LEI shares at the moment are absolute idiots and sell below the offer price.

Wrong, they cannot acquire more than 3% stock every six months. A number of scenarios could unfold following the 3 for 8 bid:

a. They do not buy any more stock

b. They keep mopping up 3% of the shares every six months

c. They make another proportional takeover offer after this one has been completed. It could be at a higher price, the same price or a lower price. I am not sure what the law is around takeovers and whether a lower bid price can be made after the first offer but I don't see why not; Hanlong kept lowering its bid for SDL until it collapsed.

Whatever happens, the ball is firmly in Grupo's court.