TAKEOVER PRICE, page-81

there are safeguards built in - in a hostile takeover they have to get 90% acceptances before they can compulsorily acquire your shares. In a scheme of arrangement 50% of shareholders have to vote and the vote has to be 75% in favour.

realistically though by the time it comes to a vote people have come to the decision that it’s time to take the money and run. The traders walk off with a nice profit and some holders just cut their losses and take the money and invest in something else. Of course if most of the top 20 holders aren’t happy then there could be a no vote, but I assume the board would have sussed it all out with them long before it gets to that point.

Anyway just be patient - we have no idea who thinks what among the big holders (apart from AA), nor how this is going to play out.