not quite!
the board will endorse or reject an offer.
the predator still needs to have acceptance from the shareholders, by way of subscribing to the offer.
90% is the magic number where... if the predator acquires over 90% they can force the remaining shareholders to sell into the offer.
it is possible that a takeover could be endorsed by the board, but rejected by the shareholders.
simple as that.
Bots sucking life from ASX, page-128
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