I think the market was expecting something that looks like an...

I think the market was expecting something that looks like an unconditional offer with a timeline for the scheme of arrangement, TPG at risk of striking with a cold iron and losing support if they drag their heels on this imo, with the commercial property outlook abysmal, annuity like growth businesses such as Invocare's will likely get interest from other fund managers, such as unlisted super funds, essentially TPG need to piss or get off the pot.