No, not necessarily. If hostile yes, but If the takeover is at the approval of the board (friendly), then will generally be done under a scheme of arrangement. It will then take acceptance from 75% of holders other than the bidder to get up. So a blocking stake would need to be a minimum of 20% and up to 25% depending on the % held by the bidder.
So technically, if even Aahana hold 20% and 2 out of five board positions, it wouldn't necessarily stop approval of a takeover from an alternative party.
No complaints with SP....., page-410
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