Ann: Second Supplementary Target's Statement to UAC Offer, page-7

So I got another book in the post today from UAC offering 86c per share. The cover letter tells me that Iberdola has increased its offer to 89c per share, but implies it is crap as it has a "large number of conditions".

I don't understand why a small investor would respond to either of the offers when you can sell on market for 92.5c. Is there a circumstance where it becomes compulsory to sell to either of the bidders? Thanks for the advice.