Ann: Response to Terracom's Announcement of an Unsolicited Bid, page-24

If directors, employees and one or two of the other top 20 holders do not agree, then it will be very hard to get over 75%, short of retail holders capitulating - judging by hot copper i don't think anyone here is happy for swapping into TER shares. Previously some were happy to take 'cash' from the preivous takeover bid whereas this bid is much different: you're going to end up with equity, and your uncertainty is what price you can sell out of it at alongside others wanting to exit.

They certianly need a higher cash portion if they want this to be viewed favourably. If not they'd better hope they have 75%...