For me it reads slightly different and could have a very...

For me it reads slightly different and could have a very different inference. The key word is 'the' instead of 'updated' for me.

I think if you look at the terminology, "an update on the Non-Binding Acquisition Proposal received from Madison Dearborn Partners as announced to the ASX on 8 April 2024", I believe it is an updated offer proposal.

Notice how they previously described CVC's updated offer