Ann: Unconditional on-market cash offer by Brand Acquisition Co, page-17

I hate to admit this, but they have minority holders over a barrel, unless >25% shareholders stand firm. Its actually quite a clever strategy. They had already maxed out their creep provisions so couldn't buy more without a takeover offer, and they would probably be happy with what they've got already. Hopefully the Board can push for a higher offer (although I don't know why they would bother before the current offer is closed) or there aren't too many more sellers. Its also possible that the remaining large minorities do a deal as colleseum will be keen to delist this.