mak sp v bon sp, page-7

'it doesn't mean that MAK 'un-buys' your shares and you revert to owning BON shares'

I believe this is the case. The offer is conditional on 90.1%. If the condition is not met then any of the acceptances AFTER the 1 for 9 offer was announced reverts back to original owner.

This is why the increased offer to BON holders is 10th June, not coincidentally 2 days before the record date of the placement is recognised on the 12th June.

I could be wrong but that's how I've always understood conditional takeovers operate.