My guess, the loan is cover to allow negotiating from a position...

My guess, the loan is cover to allow negotiating from a position of strength and doesn't exclude the chance of a buy out. They note 210m for a 250m deal, therefore dilution raises it's head however hurt money has to come from somewhere, Peter or Paul.
You never know, snr mgt will marry themselves to the deal and won't back down, however DD might not meet the satisfaction from the lenders. Early days and no guarantees.
Mav