That's not quite correct. The AGO board can't agree to anything,...

That's not quite correct.

The AGO board can't agree to anything, only a members vote will make or break this deal.

The board have recommended that shareholders agree to the offer (and that they won't seek other offers), but it must still go to a vote.

Here is where it gets interesting: if 51% of voters agree to the scheme of arrangement going ahead, that still doesn't guarantee a proper takeover. MIN needs 100% of all the AGO shares in order to implement the scheme and make AGO its fully owned subsidiary.

If they can acquire 90% of all AGO shares they can then force a compulsory acquisition of the remaining 10%.

It appears that more than 10% of the shares may be held by people who won't sell at the current offer price, so if Mr Ellison wishes to proceed with making Atlas his own, he will have to offer more money.

It may be the case that some holders are happy with the current offer and accept it. Well in that case he may only have to offer more to the remaining 10-15% of holders. That can also happen if people hold out.

Why would he make a bigger offer now when he can wait and see what the current offer gets him and then reassess?

If of course another player emerges then things will get interesting. Some had already guessed that perhaps this low ball offer was designed to flush any other potential bidders out?

Very possible... We wait and see.