Having had time to read the offer doc in detail, I think it's worth highlighting the following critical waiver.
"The irrevocable undertakings from the Kalahari Directors shall each lapse, inter alia, if Kalahari receives Superior Proposal which represents an improvement of 5% or more on the value of the consideration
under the Offer as at the date on which the competing offer is announced, or, amongst other things, if the Offer lapses or is withdrawn."
Hohnen and the KAH board are only obliged to cough up their shares (and presumably maintain their recommendation to shareholders) under the terms of this offer in the event that in the next 28 days (correct me if I'm wrong re the timing) that a superior offer does not hit the table. Pretty standard clause actually. Said superior offer need only be superior by 5%, folks, i.e...$9.08c-ish for EXT/255.72p for KAH and we've got a whole new game! Not a big ask for the next guy is it?
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