Not to mention if they get 51% it's impossible for another...

Not to mention if they get 51% it's impossible for another company to get ownership unless the 51% owner wants to sell at a very nice profit.

The problem with waving the shareholders united banner is that it could actually cost you money in the long term especially after management have recommended the offer. I can't recall the name of the company but shareholders were able to block the compulsory acquisition of the company (90%) so what happened was the company still traded on the ASX more or less like a zombie listing with 12% or so of the company capital. The share price eventually traded below the take over offer price and stayed there. Had no liquidity, the bid/sell spread was 15% at best and I stopped following the company and recall when I went to look at the share price a few years later it was delisted. The holding out only derails a takeover that has a provision of full takeover or nothing. So with that provision, if WPL or whoever failed to get to 90% by the closing date they would walk away and the share price would plummet back to pre-takover levels. An example of what could occur is SDL whose share holders could have sold their shares for around 50c and chose to believe all the propaganda and held out for more $$$. A lot of other events occurred behind the scenes but history will show that most shareholders having had the option to sell on market at a few cents below the take over offer held from that 50c or so down to 1/3rd of one cent.