No, see following, more importantly may be subject to a superior...

No, see following, more importantly may be subject to a superior offer from elsewhere.

>> A scheme of arrangement can be used only for a
friendly acquisition of a company, and is frequently
used to effect 100% acquisitions.
>> A scheme of arrangement is a shareholder and court approved
statutory arrangement between a company
and its shareholders that becomes binding on all
shareholders by operation of law.
>> Schemes are subject to fewer prescriptive rules than
takeover bids and therefore can be more flexible, but​

are supervised by ASIC and the courts.

See page 38:

https://www.allens.com.au/pubs/pdf/ma/takeovers-handbook.pdf