dio recommends avoca's increased bid 1 for 2.3, page-10

Agree, having the board's endorsement (in this case) would win the hearts of shareholders in accepting the offer. It means there is a greater chance of AVO being successful. Chances of achieving more 50% of acceptances is high.

The deal is very likely to be sealed. Unless, there are rebel shareholders that have a subtantial holding to prevent the deal going through.

Thats why in any takeover activity, it is critical for the target's board of director the deal in order to get it more likely successful. If not, then more money on the table is needed to get shareholders agreed.

Right now, the aim is for AVO to get to 50.1% mark of acceptances by the cutoff date. An extension of the offer at cutoff date is likely as well.

Shareholders now have the choice to either take up the offer by accepting (and get AVO shares) or sell on market to get cash.