Given half the directors are FROM Toho, I cant agree with this....

Given half the directors are FROM Toho, I cant agree with this. Besides, it doesnt matter what the directors say, Toho as a shareholder will do what is best for them, which is NOT sell its stake for 19.5c. As they hold 25%, the scheme cant go ahead.

The only way I can think of that Nyrstar can gain control is if they were to make a new bid conditional on only 50.1% acceptance, therefore gaining control.

I dont know how likely this is, but you have a scenario were the two biggest clients of CBH are in a battle for the company... I'd be surprised if the battle ended here.