Ann: SOL: Non-binding indicative proposal to acquire Perpetual, page-18

Great idea ......
This is exactly what the "corporate entrepreneurs" did in the 1970s and 80s.
Before the days of "shorting".

1) Buy 19.9% slowly in an undervalued company.
2) Announce offer & get rejected by the board
3) Wait for a higher offer
4) Sell the 19.9% for great profit.
5) If no higher offer, be prepared to buy and then operate the underlying business.

All sounds so simple, but huge amount of homework, patience and chess-playing needed to make it work consistently.
Read up about Brierley, Spalvins, Holmes a Court, et al.
Brierley, for example, did in excess of 40 of these within about a 7 year period.
Busy boy.