will wah nam extend?, page-10

My understanding is that they can simply launch a varied offer with the endorsement of the Board at any time.

Hence this offer can "close" but they could still reach a deal with the Board for their shares .. eg $X /share and then make a revised offer to the residual shareholders ... although that might require a new prospectus?

If they are content to leave it at 55% or thereabouts then BRM is doomed to become a Zombie stock forever trading in ratio with the billions of WNI shares available.