from the SMH:
APA made a costly decision at the outset. It assumed, correctly, that there would be no rival offer. It believed, also correctly, that the biggest obstacle to the bid was political, so it focused on a political strategy. It didn't want to be forced to bid against itself, so it declared the offer final at the outset - and then was caught with no flexibility to respond to the rising sharemarket, Qantas's ever-strengthening performance, and the emergence of the hold-outs, which dramatically changed the view that the complete success of the bid was a fait accompli.
such is the price of hubris
http://www.smh.com.au/news/business/...788400238.html