KMD - Kathmandu

[Beagle]

My read of the offer document is that it is conditional on hitting the 90% mark (Terms and Conditions Section 4). If the 90% of acceptances is not achieved then no acceptances are valid.

"Long time listener - first time caller"

Thanks mate and welcome to the forum. Yes good point and such conditions are quite common but I am sure, (without reading the full offer document) Rod retains the right to waive any conditions he chooses.
I guess much will depend on how well the company trades over the coming months. He probably has the right to extend the offer at least twice, (that's a common feature of these sort of offers), so he might exercise that right and play the long game and just see how KMD trades. I think people holding their breath for an improved offer better have a very strong pair of lungs
Any angle you look at this situation this is the best hostile takeover we've had on the NZX for years, complete with thinly veiled insults and all !!