”No other regulatory actions impeding or materially adversely impacting the acquisition of LNGL shares by LNG9 under the Offer;”
“No material adverse change occurring in respect of LNGL; and”
“The BIA includes “no shop”, “no talk” and “no due diligence” restrictions on LNGL as well as notification and matching rights in the event of a competing proposal.”
In other words:
any action by one or more T20s against LNGL for shareholder wealth destruction; or
anything that is “material” that impacts LNGL specifically, which would include any action by IDG or others;
means the deal’s off
”no shop” “no talk” means LNGL cannot chase other offers
So there are not likely to be higher offers in the current macro environment. And a VERY high likelihood that one or more T20s will commence an action against LNGL prior to finalisation of the deal (because the deal will take months to get regulatory approvals) ... meaning... the deal WILL NOT HAPPEN.
Choices are sell for scrap (which T20s will not agree to) or wind up.