seriously Dakook, your quote is quite misleading - because you...

seriously Dakook, your quote is quite misleading - because you left out THE most important aspect being

14 November 2022
" Recommendation
The Board of Warrego (Board) unanimously recommends that Warrego shareholders vote in favour of the Scheme, in the absence of a Superior Proposal and subject to an Independent Expert concluding...."

STX did not have an Offer capable of acceptance at time of BPT formal offer. So Beach's Offer was only firm offer around. AND it turns out it was totally on the cheap.

What the two D's did, was start the formal auction process.

The Superior Proposal condition precedent just proves that the two D's correctly envisaged higher proposal to come, and forced those tyre kickers out into the open.