Offer has been withdrawn. Doesn't mean it can be put forward again.
I actually think you're right. A couple of months down the road it will be clear to see if Elliot gets a better deal elsewhere, or comes back for a reduced offer.
It may not look pretty, but a club has to be able to stand its ground - if they decided they want to stop low price buyouts then I am on the club's side; nothing against Elliot.