Are you referring to the TAW Merger Scheme Booklet or the COW...

Are you referring to the TAW Merger Scheme Booklet or the COW IPO Withdrawal Announcement?

I don't find the wording "in the absence of a superior proposal" in the latter announcement.

IMO it is a weak link - between an exit-clause in Scheme Booklet and the IPO Withdrawal.

That statement in the Scheme Booklet is a usual exit-clause that provides the flexibility for both parties to discontinue the merger if there are better offers. I personally won't read too much into it.