Ann: TOV: CDV Panel Receives Review Application, page-28

Sorry @2ic I have got my terminology wrong. I am talking about a proportional take-over bid so you may be misunderstanding me.

A proportional takeover bid can be made to all shareholders for a specified portion of their shares. I.E company X will offer Cardinal shareholders $1.01 per share to acquire 20% of all shareholders shares.

Proportional takeovers are rare although they are completely legal.

I'll leave it to you to see if you can find some ASX examples... Looking forward to see what you have to say