The board will need to approve this. It's not just Mike's call.
We also have no evidence that both partners want to buy the other half. Only that they want a transaction to occur.
On arbitration - the only reason it can be challenged in court:
I don't see any of those reasons applying, although I'm no lawyer.
link: https://www.justice.gc.ca/eng/rp-pr/csj-sjc/dprs-sprd/res/drrg-mrrc/06.html#I
Ann: ZOLEO Inc. Joint Venture Ownership, page-16
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