Ann: Brookfield Offer - Third Supplementary Target's Statement, page-2

This article attempts to explain the current confusion:

confused?

I object to the "break fees" to me it would be better if AIO just said nothing and let Brookfield and Qube fight it out.  I understand that directors are obligated to respond to a bid by issuing a target’s statement and in this context are "between the devil and the deep blue sea" - it would seem that they are not forced to issue a recommendation but could imply one (to avoid the break fee - if that can be done).