I'll attempt to answer although I am sure there are other...

I'll attempt to answer although I am sure there are other posters better qualified to answer the technical aspects of M&A.

First of all not wanting to get ahead of myself here re a TO for NWE. It is just something I am speculating and I do believe it will happen... but also there is a chance it won't.

Re your question, it all depends what the takeover is.

It could be a off-market takeover offer which is usual if it's an unsolicited / hostile TO and the acquirer makes the offer directly to shareholders.

Or, (and IMO wrt MIN), it would be a "friendly" scheme of arrangement. The target company (NWE) seeks the approval of its shareholders and the court following an initial approach by the bidder (MIN). It is the target who controls the scheme process, hence why it is only suitable for a 'friendly' acquisition of a target.

Under a TO, compulsory acquisition of shares are reached once 90% of shares are accepted in to the bidder. So you may choose not to sell... but you may get no choice if the compulsory threshold is hit.

Also worth considering offers may be in 100% cash, 100% shares (i.e. MIN shares) or a mix of both. So if you took shares in theory you are still exposed to any upside in the PB - just not as leveraged as a junior O&G player.

The kicker here is that MIN have a blocking stake of 19.7% in NWE, so no hostile bidder can move to 100% control. They would need to take the SoA path and get the NWE BoD onside. Unless the offer is so good that MIN sell into it.

FWIW if someone offered 10c a share tomorrow, I reckon I'd be taking the offer.