JakeYour points are generally correct, although when the offer...

Jake

Your points are generally correct, although when the offer is conditional, an acceptance can only be withdrawn if L/B varies its bid to postpone payment by more than a month (see section 650E of the Corporations Act).

So if there is a higher price offered by another bidder, shareholders who have accepted the L/B offer will not be able to get the benefit of that, unless L/B then extends its bid by at least a month.