From what I read, the offer is only raised if the sales goes...

From what I read, the offer is only raised if the sales goes through. MM know about it. If the sales go through above 425mio then the offer goes up 3 cents. I think.

Either way, MM wouldn't have bid without full banking facilties in place AND the ability to raise the offer in lieu of a competitive bid from a rival.

I can tell you now that if a rival bid, MM would have room to up their bid to the correct pv of the share price.