With FMG's holding of 11.37%, they will need to mop up every shareholder except 1.63% or about 156.8 million shares.
That is highly unlikely. Even with a take over that gets to 90% (and compulsory acquisition), there are hundreds of shareholders still to mop up.
This is a sucker bid to get more people to accept the offer without actually having to pay it.
Ann: Variation of Takeover Bid, page-4
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