our little company Poseidon not for so long, page-70

Don't count on a third player thinking they can mount any kind of off-market partial T/O bid. It would need existing shareholder ratification (an EGM), which would be highly unlikely to get through with just those two holders voting as a bloc alone, forgetting about everyone else who would join the chorus. The only hope a third player might have (in an off-market scenario) is if they have aspirations to accumulate a sub-20% holding via off-market methods. And that never needed the amendments to the constitution, anyway (i.e. the constitution becomes irrelevant in that situation). In practical terms, imo they wouldn't have the slightest chance of acquiring anywhere near 20%. As a guess, I'd be surprised if that approach even yielded 5% acceptance from small bottom-drawer holders who have long-since lost interest.