General Discussion, page-1672

This is a scheme of arrangement, not a takeover. Under a scheme, the offeror must get 75% of the shares voting to achieve compulsory acquisition. Shares owned by the acquiring company do not vote. So, by acquiring shares, the offeror is weakening his position. Thus, the advantage to any competitor is in delay before an alternative offer. The competitor will almost certainly make an offer to take over the company and so can vote whatever shares they have managed to acquire in the intervening period!