tide goes out on mangrove, page-8

Seems to read as if Mangrove have tendered at $1.68 but expect the NABI price to fall after the tender and they reserve the right to buy back in and lobby against the merger. They have a current shareholding of 8.2% having bought more share recently. So whatever happens in the NABI buyback Mangrove could remain a sticking point. Not sure what percent need to vote in favour for the merger to proceed?

The best way to ensure the merger goes ahead is for the Biota share price to rise and make it look attractive to the NABI opposers. Behind the scenes pressure may be on Biota to communicate some good news to get the share price moving north and help the pro-merger argument, but unfortunately Biota management don't have a good track record for selling the company.