If the UK takeover panel disallow the reduction in the KAH offer price (which by all accounts is most probable) then the
options for CGNPC are to proceed with the original 2.90 offer or to withdraw the KAH offer and proceed with an offer for EXT.
I doubt that CGNPC would attempt to walkaway from KAH for 3 months as required with the intent of making a future lower offer as this would leave the door wide open for RIO to swoop with CGNPC being confined to the sidelines.
macquarie banks on offer for extract afr 05/05, page-2
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