counter offer ?, page-2

Good post and you beat me to the punch.
The only 2 scenarios I can think of are that Antafagosta are buying on mkt as well, today at 120.5 cps, which means all off-mkt acceptances get paid at that higher price...and they may be doing this to complete the transaction as quick as possible.
Or another bidder, say Crosby or otherwise, who already have 2%, may be building a blocking holding, so that Antafagosta dont get to 90% and also dont get to achieve compulsory acquisition per Corps Act!
They may then attempt to sell their block at a premium to Ant., which by the way all other Ant acceptors also get paid the premium price then (Corps Act).
Eitherway we cant lose, unless you hold out for off-mkt acceptance via Ant. and their offer disappears/withdrawn, then the on-mkt acceptors crystalised the price and got the higher price advantage.