There are heaps and heaps of examples where the initial offer is rejected by the BOD and a subsequent offer accepted.
Perhaps, not in the same way as NWE but the effect is the same.
As you said it made it a friendly takeover.
The ramifications are that it now is a friendly takeover and provisions in the companies' code that refer to a hostile takeover do not apply.
Ann: Lockyer Deep Operational Update, page-169
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