Black Swan Production Restart, page-557

A hostile (complete) takeover bid would be doomed to fail at current price levels. I know of enough significant holders who would easily muster the required 10% 'against' votes (of the votes cast) to kill it.

A friendly takeover bid (i.e. sanctioned and supported by the BOD) would take the form of a SOA which would require a 75% acceptance rate (of the votes cast). "Of the votes cast" is an important point here because many retail holders (i.e. the single largest holder group) don't bother to vote. As a result, those who showed up and voted 'against' would effectively be punching above their holding weight, voting-wise. The same holders mentioned above + many others would also v.likely muster enough 'against' votes to prevent the required 75% acceptance rate from ever being achieved.

It's also worth mentioning that, imo, it would be a very brave BOD who went along with a friendly takeover bid without first polling the mood of the larger holders to gauge likely support. Yes, BMM is the largest by a large margin (AF isn't relevant any more, as his sell-down is nearing completion), but there's a large group of privateers within the Top 20 who would baulk, regardless of BMM's views (and voting power). Those dynamics would v.likely make a Board-sanctioned friendly bid a non-starter, imo.