Ann: UNV: Response to Terracom's Ann.of an Unsolicited Bid, page-7

Just curious as from the TER bid they seem to have a shareholder willing to accept terms regardless of board recommendations or expert opinions. Can TER still acquire that extra 27% regardless of whether every other holder votes no?

I’m just wondering if this was done as a mandatory requirement to get the extra 27% now and TER may not want the remaining 53% just yet.

Also seems strange to say TER offer is too low when UNV shares can be bought cheaper on market right now. Usually if people thought the bid was too low the market would trade at a premium expecting a higher offer.