GolfR I have had another look at the sections you refer to in...

GolfR

I have had another look at the sections you refer to in the bidder's statement.

All I can see, with one exception, is that they say the Priority directors support the offer and have unanimously recommended that P1 shareholders accept the offer in the absence of a superior proposal.

Has P1 received a superior proposal? Even if it has, this would not explain why CQA claims to have dumped the deal or why P1 has not explained what the superior proposal is.

The exception is section 7.4 which states that: "If Conquest fails to acquire 100% of the issued capital in Priority, the bid will fail as it is conditional on the successful acquisition by Conquest of 100% of the shares in Priority it does not own."

So CQA has to acquire 100% of P1 shares - an extraordinarily bold target. So I wonder whether the bid failed because Conquest could not win over every one of the 877 registered shareholders who got their shares through the P1 deal with GCN. That would explain why CQA dumped the deal.

I hope this covers your comment that I "struggle to get the very basics right."

Finally, I obviously can't evaluate your cryptic sentence that there were other significant issues. Is that insider information, or have P1 informed their shareholders of them?