The superior offer can come at any time up to the meeting on 1st...

The superior offer can come at any time up to the meeting on 1st Sept. The lower igas goes the lower the offer needs to be to be considered 'superior'. Although with the independent assessment having a range up to 19c per share, directors could possible knock back anything under 19c in favour of igas deal (citing future exposure etc to shale play and value being unlocked) and not get in trouble.

A rival would want to wait as long as possible, esp while SP is falling (or being manipulated lower). They really only need to convince NHC/greenpark, or at least make it impossible for the directors to conclude that the offer is not superior to igas's offer. Directors must act in best interest of shareholders, so anything over 20c would have to be accepted at this stage, which as most on here would realise is a bargin price.