a new bid of $1.70 bid or higher?

It seems Cathay is very keen and the new bid could be at least $1.70 per share or higher this time.

According to "The Australian" 26 April 2013

"It's only two months since Cathay walked away from a cash offer for Discovery of $1.70 a share. Discovery's share price has been in free fall since and has not been helped by the recent sharp decline in the copper price.
Moreover, despite Cathay's suggestion it could be a position to make "a binding cash offer" after due diligence of about 10 days, it may well be that case that if Cathay were to meet that deadline it would be required to again offer at least $1.70 a share.
That's because section 621 (3) of the Corporations Act says the consideration under a takeover offer must equal or exceed the maximum consideration that a bidder provided "or agreed to provide" during the four months before a bid. While Cathay ultimately didn't acquire any shares under its abandoned $1.70 a share offer, it did agree to provide that offer price"

Will the board lose their high-paying job if the takeover is successful?. The board is facing a dilemna of whether to serve the best interests of the shareholders by accepting Cathay new offer or whether to protect their high salary job and fat bellies by refusing the takeover.