Ann: Variation of Takeover Bid, page-97

I expect that those who have accepted will only get what Gina is prepared to give.

Those who have chosen to hold like FMG and myself are taking a higher risk strategy and MAY be rewarded with a higher return than those who have already accepted Gina's latest conditional offer.

It will be cheaper for Gina to deal with 15% of the shareholders at a higher offer than 100%. This offer will only come some time next year. But like all investing, it may not come at all. DYOR