Ann: PAR Appoints Business Development Consultant, page-315

These things don't tend to start with a polite proposal being put to the board though. That gives the board the position of strength in the fight.

You'd probably start with drumming up a class action around misleading the market in the days before the CR. Dent the target's ego. Wound their reputation. Knock him back on his heels, and whip up the subsequent popular support from angry/frustrated shareholders. You win the fight first, before negotiations ever begin.

Putting themselves in positions of strength has never been something PAR management have ever understood. It has cost them massively, and it will continue to if they ever sit down with potential partners. If anyone with true means could really be bothered trying, i'm sure they could unseat Paul Rennie.