yarraman revises offer to 26.5c per share, page-4

Well if there is any consistency ETW should reject this new offer for the same reasons. Y is just not a credible outfit. How would the market value Y shares ? It would be based on the value of ETW, as Y has no tangible value. The more debt Y loads up with, the less value for shareholders. l doubt we would actually get 26c value. This is just a diversion from the task at hand which is to get positive cash flow and set up a viable enterprise. Then the real buyers will come.
Whilst the deal is better for ord holders it is worse for Prefs and Note holders, and the overall increase of 10 mil is not much. A better deal for ANZ, maybe ANZ will push to accept the offer.