That may well be true. However, if RG had offered another 10c...

That may well be true. However, if RG had offered another 10c that would have resulted in a better momentum of acceptances-and on market purchases – and might have been enough to have crept over 90%. Then he could have forced everyone including Manipur to take say 94c. I suspect that would have cost him less overall. His bluster and threats have made minorities- especially Manipur, who were already annoyed with him- to become entrenched. Overall I think the failure to reach 90% will cost him more, as the minorities will have a much better bargaining position in a second bid.

Agreed re delisting- but as has been said here many times delisting is only an inconvenience, not a disaster. He is constantly banging on about delisting because he has no other card to play. It may have scared a lot of smaller holders but that argument is now worn out.