Well if me model LTR's offer 70% above a VWAP on a SP of 40c...

Well if me model LTR's offer 70% above a VWAP on a SP of 40c will equal 68c, now lets say they are being particularly generous and give us 100% that will still set us up only for 80c. Basically not even worth consideration. The key question is, how long is the shareholders agreement is valid for? Any contract and any agreement has start and finish dates this will not be an exception. With that in mind, once the protection lapses we will be in that BCN scenario.

The other point that @Monad has raised - the agreement does not protect EMH from t/o or b/o if it comes from external parties. I.e. if CEZ finds a technology partner to run their Gigafactory and then 'allows them' to have t/o/ b/o of the EMH (and CEZ has the key vote in that scenario).

Contrary to perma-bulls on this and LSE forums, EMH are not as protected as they think, there are many different tools within the M&A space that can completely bendover EMH and their shareholders. Key party that can prevent or allow that that to happen is CEZ.