It's really the corporations act we're discussing here, they can't simply buy on market without changing the actual bid.
To be more specific, if they buy BON on market at say 7c then instantly all BON shareholders are offered 7c cash. MAK doesn't have the cash for that so it won't be happening. Note that you can't make a cash bid without having the source of funding locked in.
(this is from part 6.6 division 3, 651A of the corporations act)
The UCL bidders statement is out for some light reading...
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