Ann: Appointment of Director, page-7

further info, and the danger is there:

We found that:
(1) Creeping acquisitions are frequent and economically significant, their
incidence over the sample period being almost 40% of the number of
formal takeover bids and schemes of arrangement that resulted in a
change of control.
(2) A substitution effect is evident; the incidence of creeping acquisitions
tends to be higher when that of schemes and takeovers is lower.
(3) Most creeping acquisitions occur on-market, but a substantial fraction
occur off-market.
(4) The median additional voting power obtained from a creeping
campaign is 3%, with about 1.5% obtained every six months.
(5) It is common for creeping acquisitions to be either initiated by investors
with close ties to the target board or for them to generate close ties with
the board. About 65% of acquirers had a board seat before they started
creeping and a further 14% obtained a board seat on their target either
during or after their creeping acquisitions.