They won’t be able to takeover via scheme of implementation...

They won’t be able to takeover via scheme of implementation anyway as that requires board approval and agreement for the deal.

So now River have three options - raise the bid to a level the directors will accept after speaking with them (if there is a level they would accept), hold and continue as a minority shareholder, sell their stake as takeover not possible and don’t want to become minority shareholders.

I assume they wouldn’t have started the takeover offer without considering a scenario where it took more than 8c a share to get the company given the substantial shareholders blocking stake before they started. So assume they are talking to or will soon talk to the board and see if any agreement can be reached.