Guthrie GTS

[thefarside]

If they don't up the offer, the acceptance will remain around 80% and the offer will fail. What other options do they have?

For a major shareholder with a very long term horizon, unconditional tender offers are a means to buy large blocks of shares, vs the "following" they will acquire when they try to purchase on the open market. They can also see their chances of "getting lucky", as yeokiwi has aptly put in, and decide what to do with their offer (extend, up price etc) as time goes by and players at the table tender their stake, double down, or wait them out.

If the offer now fails, they keep the shares they have acquired so far @ 0.88 vs NAV of 1.05 (not RNAV) and say thank you very much see you five years later at another offer. At least that is what I will do if I am the owner.