It has not been done and locked up @RooBendigo succinctly states the reasons why on this thread above , also there is an option for a bigger player to come in as stated in the scheme :
"Spartan Shareholder Intention Statements Three of Spartan’s top shareholders (other than Ramelius) which together currently hold, and/or can control the votes in relation to 242,017,71314 Spartan shares (representing approximately 18.9% of the total number of Spartan ordinary shares on issue), have each confirmed to Spartan that they intend to vote the Spartan shares they directly or indirectly hold or control at the time of the Scheme meeting in favour of the Scheme, and in the event the Scheme is not successful or terminated in certain circumstances, accept those Spartan shares held or controlled by them into the Takeover Offer, subject to no superior proposal emerging and an independent expert concluding (and continuing to conclude) that the Scheme is in the best interests of Spartan shareholders and that the Takeover Offer is fair and reasonable (Intention Statements). 15"
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