Under the assumption for a moment that no other bids arise but K is having trouble egtting the funds onside. Put yourself in K's shoes, what do you do? If it were me, I would raise the warrant exchange. Even if it went to one warrant per ARU share, this could still be a great deal for K and we would exchange political risk for risk of K share value. K goes to $40 then the $32 warrant is worth $8.

It would be a stretch for that one to one I think BUT it would mean no immediate hit to K.