the tty offer, page-3

Off the top of my head, major points are
Gilbo bid:
+ = less conditions, all CSM assets retained (we assume) with expectation of adding more,
- = existing management retained, VERY inadequate offer price.

TTY bid:
+ = higher offer price, existing management removed.
- = highly conditional offer, planned divestment of underground assets, offer price still inadequate.

Of course you do not have to sell to anyone if you believe in the future of the company as it stands, although having it run by people who worked in the best interest of shareholders would be handy. It is downright rude for Carter to claim they have done shareholders a favour by backing Gilbo from the outset. The Gilbo offer only increased because of ongoing shareholder pressure, and now the TTY bid.