That is correct for a cash bid which is unconditional, but not for a scrip offer.
For example, how do you place a value on a moving target??
If you look at the detail in each of the SSN's you will see that all the shares accepted have been via the takeover, not via a cash-on-market alternative.
AL
(ASX:NWE) Among WA Billionaires at foot of world-class gas play, page-500
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