surprise surprise increased offer, page-5

looks hamfisted to me.

the SPP is supposed to make it more attractive for BON shareholders to accept the MAK offer.

problem is that the terms give MAK holders an incentive to lighten, depress the MAK price and basically neutralise the effect of the increased offer to BON holders..

If MAK wanted to give BON holders an inducement, the SPP record date should have been after the offer closed, with the offer terms (issue price) to be decided. Would have stopped today's shenanigans in MAK.