1) In reality he doesn't need >50% for control. As previously...

1) In reality he doesn't need >50% for control. As previously discussed on these threads 35-40% will probably be sufficient. If you're not familiar with how that works, read these threads or read the Target's Statement in full (in contains a basic explanation).

2) You've already got your control premium, and more. Imagine if Wyloo had not yet bid prior to the off-spec As bombshell announcement and the SP had (v.likely) tanked to, say (as an example), 70c. If Wyloo came in its 40% premium at that juncture the bid would have been $1.00 (rounded). However, Wyloo's $1.40 bid was already active when that bombshell announcement landed and there wasn't much they could do in altering their offer downwards. So they did the next best thing and effectively said "...and not a red cent more!". That's why they went "Best and Final" on Monday morning, prior to Tuesday's Target's Statement. The MCR Board knew this in spades. They even included some not-so-veiled commentary around it in the Target's Statement.

Following today's trading, Wyloo has now increased its stake by 7% (in one day!) to 32.5%.

PS. I think its utterly disgraceful that the Board has provided near zero detail around the operating issues relating to the off-spec problems. Notwithstanding that Wyloo was always going to be successful (by paying over the odds) under the particular conditions at play, the Board has done itself and all existing SHs a great disservice by electing to withhold that material information which should have been disclosed to enable interested SHs to make an informed decision.