It does surprise me that they haven't updated the offer given the fact they know atleast 50% of holders eligable to vote brought in above 40c offer price so there is little to no incentive to accept the offer.
The other thing to note is that the two competing construction companies have even less incentive to sell at 40c, rumour has it that one of them is looking to be included in the privatisation so if they arn't included in the privatisation i'm sure their vote will be a no and could be a no indefinitely
News: SIO Simonds Group updates on SR Residential scheme of arrangement, page-6
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