Let's be honest, $2.40 is a steal - BGH can't run an opportunistic takeover and then look to bash it down even further. The broad Covid19 risk has been in play since their first offer of $4.00 back in January. It got worse, the SP got smashed and BGH have negotiated the $2.20 / $2.32 / $2.40 deal at our lowest possible point.
Even with QLD starting to get a few more cases, Australia is in a far better position now than it was in mid-May when the new offer came about.
IMHO, anything less than $2.40 is criminal and disingenuous - but hey, what more can we expect from venture capitalists?
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