dow jones..higher bid possible, page-14

Maybe I read it wrong, but doesn't sound like an offer to me?

"if in the event that BidCo makes an offer"......

From ASX ann;
"Update
Macarthur today confirms that it has reached agreement with BidCo on the timing and scope of a due diligence process to be undertaken to facilitate the proposed offer. As part of this agreement, BidCo has agreed that in the event that BidCo makes an offer at any time in the next 12 months:
1. the offer price will be no less than $A15.50 per share unless the Macarthur Board expressly consents otherwise or there is a competing offer;
2. up to 16 cents per share of any final dividend for FY2011 declared by the Macarthur Board will not be deducted from the offer price; and
3. offer conditions would be no more onerous than the offer conditions outlined in Attachment A."