Ann: Becoming a substantial holder, page-136

It certainly is becoming clearer and thanks for making it so. An aspect that intrigues me is that the two 20% holdings make them substantial shareholders. They would seem to have the power to appoint a new BOD. As such they could recommend against the TO. However, I have seen nothing of MIN's actual holding. This, uncharacteristically, seems to leave CE in a position of lesser strength. Then one could say, the remaining 60% of shareholdings is fairly widely spread and any counter-offer would need a lot of appeal?
Furthermore, whilst it has been shown that there is compatibility, rather than conflict, in the desires of the big 3, it would be interesting to see how AGO can be broken up.