Ann: Spotless Directors recommend shareholders REJECT DOW Offer, page-4

Key takeaways:
1) Competing bid extremely unlikely from here
2) Target's statement will be chock full of marketing BS to justify why the organic plan is superior (which nobody really believes)
3) Ball back in Downer's court to make a revised offer if they want to get SPO Board to recommend their bid. It's possible they will chip in a few extra cents to get it over the line however I wouldn't expect this to come for many weeks yet (if at all) - they will see where acceptances get to after a time in the first instance
4) Otherwise, over to SPO shareholders to make a call now