Ann: Offer Document - Universal Coal plc, page-3

I still reckon that TER are only doing this at this stage to acquire the 27% or so that they have irrevocable offers for.

They have probably come to an agreement to acquire this stake but can only do so under a takeover offer so they have to make the same offer to all shareholders.

Once they are at 47% they can gain 50%+ ownership under the 3%/6months creep rules which basically hands them control of the company a few months down the track anyway, so I don't think they give a fig whether any other UNV shareholders accept this bid or not as their eventual control of the company is all but guaranteed.