Nope. A takeover does not require a company to build up its stake to 20%. In fact it does not have to own any shares in the targetted company to launch a takeover. But building up a stake slowly is normal practice to average down the all-up cost of launching a bid. The share price rise may just be related to a re-rating by the market as it does seem undervalued in the context of its expected enterprise value given the exploration leases.
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