So it is quite an effort to get your company delisted, and no guarantee that the ASX will agree.
However there is one clause that shows MIN would have a gulf, over which it won't be able to build a bridge.
ASX Listing Rules Guidance Note 33 Page 111 December 2019• excluding the bidder and its related bodies corporate, the number of holders of ordinary securities havingholdings with a value of at least $500 is fewer than 150;
I cannot see a situation where there will be fewer than 150 such holders of NWE, owning shares that have a value of at least $500.
NWE Price at posting:
6.5¢ Sentiment: Buy Disclosure: Held