second offer usually follows first offer, page-8

JWJINV, ADE management have said that once BPT ownership surpasses 50% they cannot pull the 20 cent bid until the end of the offer period unless they have ASIC approval. Many other posters here suggest otherwise citing bpt's statement that they can withdraw the offer. But if you read the statement I read bpt's statement as saying that once the 22nd dec is reached they can 'extend or withdraw' the offer, not before. This is also in line with what ADE have said. Now, there may be a case that ADE management don't know of some other loop holes in this deal, but you would think that if they have categorically put that statement out into the market then they would have had some legal advice on that.IMO So what happens when 50% is breached - I don't know (and it is looking like very soon). But to me it appears like a free option. If they can't pull out till 22nd dec and you can essentially guarantee your 20 cents then why wouldn't you hang back for a potentially higher price ? Again dyor and as I say I could be wrong here if there is another loop hole that bpt can use to pull the bid before that date. Good luck