3 scenarios of the outcome of mme buying, page-16

Who knows what MME motive is.

10% gives them a significant vote at the General Meeting, but it would seem unlikely that they could vote the merger down given that Linc have a bigger position, and the directors (major shareholders) have expressed their support.

Sometimes the intent of building a plus 10% block in these situations is not so much to vote down the merger as to pose a difficulty to the acquirer in going to compulsory acquisition which requires 90%. The hope is that the acquirer might be willing to pay a premium to get to 100%. The risk for the 10% minority is that he may be locked into an illiquid, unlisted position if he opposes the move to compulsory acquisition.