Not sure why you're insisting that the next offer (if they don't...

Not sure why you're insisting that the next offer (if they don't get to 90% now) will be at a lower price. To a large extent small shareholders (like myself) will be dependent on what the fundies do, as they hold the balance of power here. If they fold now, then there is no discussion, and we will all get $1.40. (But I am happy, that it will be in the next financial year, so that I can delay the CGT.)

But if they hold out (expecting a higher bid), then why would they accept a lower price in a few months time? No, if anything, those large shareholders will drive the 2nd offer price higher (to a level that they are happy with). Whatever price AF agrees with them, will be the 'final'price.

Otherwise, the company will remain having minority shareholders.