You don't even have to replace the board. The vote has to pass...

You don't even have to replace the board. The vote has to pass two hurdles: 75% of eligible shares must be voted in favour, plus at least 50% of eligible voters. The second one brings a vote against into scope if the small retail holders stand up in large numbers.

But that's easier said than done. I tried it once; crowd funded a mailout, got hold of the shareholder registry, drafted a letter. As soon as it looked like I was going to follow through I got smacked down in no uncertain terms.

You have to understand that the moment the news of the takeover became public traders poured millions of dollars into this stock in the expectation that the deal would proceed. They're not going to stand quietly by and let some numpty rally the shareholders against them.