I'd be more worried about what the SP falls back to when the TO offer is formally rejected, less than what it was prior to the offer maybe? Then I be worried about how long it will take the SP to reach the rejected offer price, especially if it that offer gets increased and still rejected.
I'm a MAQ holder so I hope the Tudehope's don't increase the offer too much, if BPF don't accept just compete against them in the cloud market place.
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