Sorry, layman here, so this might make no sense at all.
If the deed from MB compels the BOD to breach the corporations act is it, and therefore by extension, the offer still valid?
The way I see it is that if the BOD have recommended the proposal from MB on the basis of the issues that have now been resolved (don't lynch me). However these issues now having been resolved (so I am to believe) the proposal would no longer be in the best interest of shareholders. However the deed prevents the BOD from communicating this and as such forces the BOD to breach the corporations act. This may/may not make the deed and therefore the offer invalid.
Well that's my simplistic take....
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