I checked through the voting deeds and they terminate if the contemplated bid is below $1.90, so the door has been left open for higher bids. I'm fully expecting that a final price north of $2 will need to be paid to get enough shareholders on board. I assume the transaction becomes mandatory for all shareholders, resulting in compulsory acquisitions of the remaining shares, when they achieve 90% of votes in favour.
Re: bids from other parties, they can't actually solicit them because of the exclusivity deed that KDR management has agreed to: "Kidman has agreed, subject to fiduciary exceptions, to certain customary exclusivity provisions during the Exclusivity Period, including “no shop”, “no talk”, “no due diligence”, and notificationand matching rights."
