They can't pay more for shares for the next 4 months than the TO offer without compensating all the previous acceptances an equivalent amount. I think you would only be able to buy tiny amounts on the market now before the price went up above the TO price. Also, they didn't offer cash so some who accepted GMD shares might be able to demand cash if GMD offer cash for shares now (not sure about that).
Same goes in a second TO bid ... the highest amount they pay anyone within 4 months either side of that bid has to be paid to all who accept.
My understanding anyway.
DCN Price at posting:
9.0¢ Sentiment: Hold Disclosure: Held
