Who said SQM were bailing? Are they not still in the hunt to get...

Who said SQM were bailing? Are they not still in the hunt to get 50.1%?

Looks like a lot of water still to flow under the bridge to me. The scheme hasn't failed yet, if or when it does as seems likely (or if SQM elect to end it early), it moves to an off market takeover for $3.50 with no minimum acceptance condition. SQM can then attempt to acquire whatever they can get in excess of 20% for $3.50 from whoever might accept.

Creasy with 48% determines what happens here. The other players acquiring a blocking stake are potentially securing themselves the ability to negotiate with Creasy to obtain effective (>50%) control if he can be convinced the price is right.

From my understanding of the law, Creasy could ask for and receive a higher price for his 40% of Andover that is held independently of AZS. It is worth more not just for the control premium but also because it is free carried to FID.
The ~12% in AZS shares Creasy holds would be subject to the same price and conditions as other AZS shareholders.