My Analysis: No synergy value in valuation, page-23

I have a strong suspicion this is what has occurred.

Either way, I'm kind of glad for TT to not be in the sights of any legal action, his efforts for us does not deserve that as his reward.

I'm fairly confident the no votes are the catalyst for improving the offer, not a second bidder at this stage. Remember, the Acuity and BDO reports are really the only due diligence any competing bidder would have into the company, the SID was/is very prohibitive in that regard.