Ann: Variation of Takeover Bid, page-23

If all things are equal the board still has a right to choose a preferred bidder and back their bid and there is nothing illegal about that. Nord can't take anything to the TOV on that basis - TOV would just say "Up your bid Nord". Hence Nord needs to outbid Shandong for them to have a superior bid and if that remains the situation (ie: Shandong or another party does not match it) then the board will need to switch their recommendation and back the highest bid in the best interests of shareholders.