And then what happens? ie if the court does not ratify the...

And then what happens? ie if the court does not ratify the merger takeover because of the presence of a superior bid. is it on for young and old between competing bidders? Does Rap continue as a tradable share on the ASX? I can't see why not. The terms of the scheme were that once a shareholder vote was conducted and in the absence of a superior bid, this game would been need to be ratified by the court. It doesn't preclude therefore the putting forward by a third party of a superior bed after the boat has been conducted but before court ratification.
if it is a superior bid tomorrow and not just a massive arbitrage exercise then surely this game of arrangement proposal is dead and buried, and that rap continues to exist and be traded as a separate entity.
imho and thank you to others for their research and questions.
I'm clinging on to hope ready to jump way back in.