I have only browsed through the offer document, from what I...

I have only browsed through the offer document, from what I read...

Q: Can they continue to extend until they achieve this goal?
A: Yes. They can extend the time for as long as it takes and KAH wont object.

Q: Can they just simply walk away?
A: If they don't get 51% by Feb 2, they can walk away. But IMO the offer document suggests they wont.

Q: Can they increase the bid price?
A: IMO they will if someone else bids. They might if they are a long way from 51% come Feb 2. If they are close to 51% they most likely would prefer to extend the offer and make on and off market share buys to get the shares they need for 51% ownership. The offer document says holders who accept the offer and cancel may be approached by CGNPC.

Q: From my understanding, they can't actively transact in KAH by pushing it down while the offer is under the bidding price but does that apply to EXT?

A: That's unlikely. Pushing the price down would create an arbitrage. Anyone who buys KAH or EXT cheap can sell them from more to CGNPC.

Also...

The offer document guarantees the jobs and benefits of any KAH employee (but not EXT employees). However, the downstream EXT offer document might say more on this.

CGNPC appears interested in not stopping at 51% and intent on consolidating and privatising the Husab Project if they can. (But this could be said to scare holders into accepting the offer or be stuck with illiquid shares.)