RAC - Charts & Price Action, page-10742

It could result in a low-ball offer, but I think there's little chance a low price buyout would get over the line. I would hope Daniel and the rest of the management team won't be letting their shares go cheaply and that alone would be enough to block an acquirer gaining the 90% of SOI needed for compulsory acquisition of the remainder.

The bigger concern would be whether a low-ball offer could gain enough acceptances to stack the board (i.e. > 50% of SOI) and thereby gain the guaranteed ability to pass resolutions, remove directors, etc. and steer RAC in a path that may not be ideal for remaining shareholders.

Then again, a low-ball offer could also be another potential catalyst for a re-rate of RACs share price, so it wouldn't necessarily be a bad thing IMO.