"If it gets that close to 90% they will let the offer lapse and...

"If it gets that close to 90% they will let the offer lapse and sort out a better offer with the remaining shareholders after 6 months to avoid paying out all those that have accepted."

As I understand it, in those circumstances NST can make a deal with Dat and Maso and separately mop up whoever else remains at whatever the price is at the time. Maybe it will be more, but more likely to be the same or less, considering the lack of liquidity and other things.

It depends a bit on whether their plans require them to use the assets sooner rather than later and how tidy they like things to be. Either way, small shareholders benefit more from accepting before the offer closes as they'll get their money sooner while still being entitled to any improvement in the offer. That was my reasoning, anyway... I've been a minority shareholder in a company before, it wasn't a wonderful experience.