massive shortselling !!, page-12

Yes you are right in a total takeover 90% shareholder approval is needed to trigger the compulsory share acquisition provisions (of the remaining 10%).
But there are many different ways of proceeding with a takeover. (a long list)
Remember you do not need to own all shares to have control of a company 51% is “control” and even in the case of listed companies 20% can be considered a controlling or influential interest.
Even with this in mind for those who have been following Biota for a while will know the price for a takeover bid at least will be $5. So directors duties with “act in the best interest of” and share holder wealth maximisation would kick in and a rejection would rebound.

"every trade has 2 people thinking they got a good price!"