Given the current debt situation with a net current asset...

Given the current debt situation with a net current asset deficiency of $75.90M the deal will need to go through otherwise there needs to be a major refinancing done or capital raising.

Now consider how the balance sheet would look without the $17.6M that TPG have already put in. Net current asset deficiency of $93.5M with no cash in the bank ($14.7M at 31 Dec) and more liabilities.

The directors know a good deal when they see it and there is not going to be a higher bid come through.