I'm pretty sure it's double counted.I've been in contact with...

I'm pretty sure it's double counted.
I've been in contact with other UNV shareholders who together with my own holdings own some 10%
of UNV all of which are strongly opposed to the proposed offer so TER won't be getting to the 90% threshold.

I seriously doubt they will even get close to the 75% threshold even if they increase the offer
in line with Posh's hypothesis.The vast majority of the retail investors, which exceed 25% in UNV, won't
want to give up a very sustainable 2c, soon to be 3c, annual dividend.
Also, UNV has a very well defined growth strategy as against TER whose strategy would be more along the lines of
how to stay afloat with the huge debt it has which falls due for repayment in the not too distant future.

Don't take my word for it.
Do your own research.