It depends on what you mean by 'stopping the TO going through'....

It depends on what you mean by 'stopping the TO going through'. If MIN get 51% of the shares they'll have effective control of the company, but if you mean what percentage they need to stop AGO from existing it would have to be 100%.

But the Corps Act says that if a buyer gets to 90% of the shares then they can compulsorily acquire the remaining 10%. So if the retail holders are above 10% and won't sell to MIN, then generally speaking MIN can't force the sale and make AGO 'disappear'.

It can of course get a lot more complicated than that, but in short MIN will not have an easy time trying to screw small holders if they stay united and remain above 10%.

It would make more sense for MIN to make a sensible offer rather than battle it out in the Courts with small holders.

PS: I agree that some mind games are being played using the media.

MIN probably have some friendly Journos at AFR and a strategic media campaign is being played here...

The first article speaks of a take over and gives a 'valuation' of AGO at 3.7c.

The second article has a sensationalist headline "Bye Bye Atlas" and then speaks of a small premium to the share price to outrage retail holders, which is likely designed to make the first valuation of 3.7c look attractive.

I think we have some interesting days ahead...