"Their initial offer was that anybody could roll their shares in...

"Their initial offer was that anybody could roll their shares in a private company" – it still is. The original announcement made it quite clear that up to 20% of existing shares could be invested into the new private company, and that 15% of that would be taken up by ENN and Hony. That leaves 5%, which neither you nor I, nor probably anybody else reading Hotcopper will be able to get a piece of. But the point is that the deal was disclosed a the start, before due diligence began, and hasn't changed.

"they have transferred their shares across" – No. ENN and Hony have agreed to act in concert with Harbour. That gives Harbour 15.11% voting power, hence the "substantial holder" notification. Ownership of the shares hasn't changed. From the announcement:


"Who is going to be sitting at 15%" – Harbour is currently sitting at 15%. Again, you need at least 90% of the voting shares for compulsory acquisition to complete a takeover. From takeovers.gov.au:


The point I'm making about this is that with control of over 15% of the stock Harbour no longer have to worry about matching competing bids.


You seem very determined to be angry about what is a normal occurrence with public companies, which is apparently being conducted in a very orderly and open way. Contrast this with the acrimony that came with the Myer/David Jones proposal, and the strategic interference by TPG during the Amcom/Vocus takeover. This one is tea and cucumber sandwiches!