Can someone smarter than me explain what on earth is going on with this bid?

So the votes today didn't pass the 75% requirement for Alludo's bid to go through. The takeover offer date closes on 3rd of March which means they have 1 month to convince those who didn't vote yes to accept the offer?

Today they also announced that:

The Alludo Scheme was not approved at the Alludo Scheme Meeting by the Requisite Majority of Nitro Shareholders under subparagraph 411(4)(a)(ii)(B) of the Corporations Act.

Accordingly, Alludo BidCo gives notice under section 630(4) of the Corporations Act that the Condition contained in section 5.8(e) (Alludo Scheme fails) of the Transaction Booklet has been fulfilled, and therefore, the Alludo Takeover Offer and any takeover contract arising from acceptance of the Alludo Takeover Offer is now free of that condition.

Does this mean that they no longer need 75% of votes for the takeover to go through and instead just need the 50.1% interest in all the NTO shares?

Given that Potentia (the opposing bidder) currently own close to 20% of all NTO shares, I didn't expect the vote to go through. But I guess there's a greater chance of the bid going through if the 75% vote is no longer required.