Ann: Spotless Directors recommend shareholders REJECT DOW Offer, page-6

The takeover offer is highly likely to succeed though given the premium to the pre-offer price. Coltrane will ultimately accept it, they are just positioning for a higher bid and had no incentive whatsoever to support the first bid from DOW.

DOW will take a bath on their 20% stake if they withdraw the offer, so I still believe they will waive the 90% condition once they get control. If they don't get to 90% now at least they can make a subsequent offer down the track to mop up the rest. They would have expected the fact pattern to play out exactly as it has, given they made a hostile offer. You can't get to 90% usually without a recommendation, and if you want to guarantee that then you sure as heck don't go hostile straight up.