No, the ASX is usually quick to suspend over 12.1 or 12.2. There's so many examples of this, PRL and CSE are two that also come to mind - projects either fell over or were sold and they got immediately suspended for having not enough operations. OPT just had both their clinical trials fail and the ASX immediately issued a suspension under 12.2 due to their financial position (they have US$100M but could owe large amounts to their funders).
Look I get you just bought the stock and you want it to moon, but listing rules are very clear and the ASX is quite zealous. I'm just explaining why this hasn't magically re-rated closer to 28c or whatever the offer would equate to. The money would go to the company, and they'd have to spend (likely a lot of it) on a new project to remain quoted on the ASX. That's why offers at an asset level are inferior to offers at a company level, i.e. a pure takeover of the whole company for cash.
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