If anyone else is going to put in a rival bid, they better do so...

If anyone else is going to put in a rival bid, they better do so before Gina gets 25%.

Once she holds 25%, it creates a a very difficult situation for any other suitors on a number of fronts with regards to voting or applying to the courts for compulsory acquisition of shares.

Determined holders could hold out to the very end, and it may be the case that Gina will increase her bid in order to entice remaining holders, but I think that 25% is the magic number at which other TO suitors can safely be counted out of the race.

Not sure what Twiggy will do with his 19.9%, but it's an expensive ticket at $50M for just a seat on the board? That's why I held out because I thought Twiggy might have a crack, but the closer Gina gets to 25%, the less likely that he or others will enter the fray.

This is in my opinion only, happy to hear what others think. Perhaps I'm missing something?