I assume the Directors have been waiting to see how many...

I assume the Directors have been waiting to see how many shareholders take up the offers before doing a deal.

Last thing they would want is to waste their time and efforts only to find out that a big chunk of shareholders have sold out to a group like MVT who want to liquidate the company.

Based on the latest ASX rules, Im not sure whether 50% or 75% of MHM shareholders would need to approve a new transaction (given its a shell and an transactions would require full blown recompliance).

Hopefully MVT are capped at 5% and Cadmon at much less than that and a deal is announced in a month or so, once the offers have lapsed (if not sooner).