Ann: Updated Non-Binding Acquisition Proposal Received from CVC, page-74

correct. It's always a toss up between taking profit too early and missing out on much higher sp or minimising risk. Hindsight is always more accurate.
There was news in the AFR for past weeks that CVC was testing the market to see if there was appetite for this level of debt. They made the revised offer cos it was non-binding and kept APM on hook. My guess is that they will revise down. The question is whether apm has an alternate offer siince it rejected CVC's first offer.