They do in fact have an off-market offer - see the announcement on 23/11/2020. Slipped under my radar as well.
They specify in the bidders statement that any increase in their on market offer will also invoke an increase in their off-market offer. So Nord currently have an on-market and off-market offer at $1.05. Quite difficult for the board to justify continuing to recommend Shandong now.
Pressure is on Shandong now to increase their offer.
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