Ann: Alt Receives All Cash Off-market Takeover Bid from Aurenne, page-135

The Board is supportive of the All-Cash Offer and is giving careful consideration to the detail of the Offer,
including the conditions, and as part of aDue Diligence will engage an Independent Expert to prepare a report
on the Offer. Accordingly, the Directors advise that shareholders should take no action at this stage and await
the Board's formal response to the Offer including the Directors’ full recommendation.

Possibly you are correct but in the final analysis the directors can only reccomend and the fate of the takeover rests with shareholders .
Usually the bigger holders will decide the issue one way or another .
90% might be hard but that condition (may) be removed .