I dont know enough about the 2015 takeover to comment with...

I dont know enough about the 2015 takeover to comment with conviction however I have seen some other takeover go through and similar language used when they fall through.

Basically if the party (PE in this case) comes in offers $2 and gets access to the books and then the company announces for whatever reason that the transaction didnt progress - it only means 1 thing - the offer has been withdrawn or lapsed as the PE team realized they have offered too much for the state of business. PE has only one modus operandi - get in cheap, strip costs and refloat for 3 times as much in 2-3 yrs time. If they purchase high of a business not doing so well they dont make as much.

IHA have got plenty reason to offer a good price as they would create value by consolidating the market.

Dont believe the earlier offer got to a stage where the large shareholders were consulted.