throw in towel, page-5

I agree it was a pretty bold gamble given AVO's holding level prior to the RMS bid, but AVO didn't have and still doesn't have a majority stake so the possibility still was/is open for RMS to get over 50% and get control (though now highly unlikely).

If RMS doesn't get over 50% by the end of their bid then its pretty much a given, especially in light of the DIO director recommendation to accept, that AVO will gain control.

An AVO controlled DIO will have AVO board members and AVO installed management and will exist only to serve the needs of AVO. RMS will have no say and It will provide no benefit to RMS. Also RMS will have a very hard time offloading their minority stake in an AVO controlled entity at anywhere near the current AVO bid price once the AVO offer period ends.

I can't see any rational argument for RMS holding onto the DIO stake if they don't get control.

AVO is not going to sit there and play nicely divvying up the DIO profits on a pro-rata basis in a gentlemanly way once they've gained control - not after the hostility that has gone on in the stoush so far - there are plenty of ways of ensuring that the value comes out of the entity to them via means other than dividends etc. once they have control.