Ann: Trading Halt, page-37

Goosmurf, you are obviously very astute.  AMM is a great arbitrage into VOC at a lower price if you believe the deal is going to go through.  I've even thought of selling some of my VOC and buying AMM for that reason.

As for the scheme of arrangement, it doesn't even need 75% of shareholders to vote for it.  It only needs 75% of those who actually vote to be in favour - as long as more than 50% of shareholders actually vote.

The normal terms of a scheme of arrangement are 'No shop', 'No talk'.  This means AMM cannot solicit another offer, but the 'no talk' provisions also mean they cannot engage in an approach from, say, TPG.  Of course, if TPG offer a hostile takeover that is superior to the current offer from VOC, then AMM would have to withdraw from recommending the current offer from VOC.  But the TPG hostile offer would have to be seriously above the money for that to happen - there is plenty of non-cash future upside for AMM holders in the current offer that would have to be offset (superior does not just mean a few cents more per share - it is all about shareholders best interests).