if i don't accept ucl offer, what then? , page-7

Makattack, correct re compulsory acquisition threshold but there are various levels of takeover success without needing to be able to get 90-100%. 50.1% gives contol of all general resolutions and therefore effective control of the company and its books. The current board and cliff would probably be gone at that level. At 75% you have control of special resolutions as well - they would definitely be gone at this level.

Even as low as 20-30% could put UCL in a position to force changes to the makeup of the board and influence strategic directions. If they hit that level they would probably seek at least 2 board positions and have significant influence on votes. It is not unusual for a majority shareholder with just 15% to get 2 positions - Gina Rinehardt has been pursuing 2 positions at Fairfax from that level.

There is a long way to go in this corporate battle. UCL may be the smaller and perhaps less sophisticated player but they have big financial backers who appear, to date, to have a strong antipathy for MAK. Twynam powerfully opposed the MAK takeover bid and the Omanis are funding the UCL bid. If both those parties remain committed to deposing MAK and MAK doesn't find backers of equal weight then MAK will ultimately lose even if it takes time beyond the current bid by UCL.