Lockyer Deep - From the horse's mouth OR What the JV partner really thinks about Lockyer Gas, page-184

sorry, but that's not correct.
A bidder can keep extending the offer period.
They can do that up to a maximum of 12 mths (in certain circumstances).
It is very common for bidders to keep extending
I can remember a bid where the bidder kept extending the offer for at least 6mths. It got boring.
MIN will extend the offer beyond 2 Feb for sure, if they haven't got their 90% level.
Why not - because there would be very little downside in them doing so.

It's a scrip bid, so if they extend the bid, and the MIN SP skyrockets, then MIN would hope more NWE s/h might accept the scrip offer.
Perhaps if the MIN SP plummets to really lower levels, then maybe MIN might give up the bid? Who knows.

But by the sounds of it on HC, it is highly unlikely that MIN will get to 90% level.
So until time shows MIN that they have little hope on getting to 90%, then they will keep extending the bid.
Their interim goal will be 50% or so and control of Board. But of course, even 40% might be effective control.