Yes it’s a game of poker , who’s gonna blink first and I believe that your correct , any whif of a take over and the sp will rally hard so the bidder better make sure it’s a good first offer or hel shot himself in the foot ,
@LongPier yes we all have a vote but those with larger holdings will have more say , I.e the top 20 .
Running discussion on SP, page-10126
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