Ann: Voluntary Suspension, page-21

Yes, a minority of shareholders could exercise their voting right to refuse a takeover bid. But think about how successful that might be if the majority of shareholders voted precisely the opposite. Have you spent any time thinking/researching about this before asking?

Rather than answering your Q on the basis of whether a minority can refuse, better to think about what is required for a formal takeover to succeed. In general terms, the majority of shareholders would need to approval/accept and the absence of such would result in it failing. This would also be contingent on what other conditions were also required to be satisfied, which might not require shareholders to vote.

I don't want to come across as impatient (I'm happy to help where reasonable), but please understand that I'm not a wet nurse.