If this is the case, it seems Toho has over-reacted to lift...

If this is the case, it seems Toho has over-reacted to lift their proportional to offer to 30c from 25c, given Nystar stood by their last offer.

Toho's action made me feel that they expect Nystar to revise their bid again after DD, and want to kill it before it is even proposed to CBH.

I guess Nystar's strategy might be to stand by their position for now, wait and see the independent directors' recommendation before their next move. They can always submit another offer shortly after the directors'announcement and confirm the AGM.

Of course, Nystar might decide to stop bidding, but I think another bid at 23-25 won't hurt them. They might get CBH for this price, or at least, force Toho to make another move (either lift the TO price, or increase the proportion to 30%-50%). Either way, it will gives benefits to Nystar as a share holder.