kcn fooling themselves

i cannot work out why kcn extended the bid. it is obvious, that now, given the present market, that no sensible and shareholder would accept the bid. i am of course, confident that kcn will perform, in the medium to long term, but for the immediate future, it would not be wise for andean shareholders to accept. for kcn to increase the bid, would be stupidity itself. if kcn increased the bid, then i am confident that the shareprice of kcn would be driven further south