I find it highly unlikely RNC mgmt would entertain a revised...

I find it highly unlikely RNC mgmt would entertain a revised offer of 25c. RNC mgmt do not need the deal to go through. Instead, I would argue that RMIT need the RNC deal to go through or they fail to reach critical mass. It is just so much easier for RMIT to acquire RUN versus acquiring RMA's in dribs and drabs. They can accomplish in one transaction what would take them several years to achieve, thus a premium is appropriate.

Plus, I have a feeling it is going to become a lot more expensive for RMIT to acquire RMA's as agencies are less likely to part with them in a softer sales environment.

The risk reward seems incredibly skewed to the upside, especially in light of recent info relating to available debt facilities and the IPO. I guess we will see soon enough. I've been adding to my position.