Your calculations are correct. The rumours I have been told is that they have managed to only get 4% extra from the other shareholders and a good chunk of them will now take their shares back.
It is costing SLR money to extend the TO so why are they doing it given it looks to have zero chance of succeeding? I really do think there is more to the extension than Cool Hand Luke throwing good money after bad.
Ann: SLR: Silver Lake Extends Egan Street Takeover Offer, page-7
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