COP analysts presentation, page-15

Shareholders can still accept the offer and provided the bidder gets to 75% acceptances then it effectively can pass both ordinary (50%) and special resolutions. At 90% acceptances the bidder can compulsorily acquire the remaining 10%.

The problem in having minority holder(s) is they have rights under the corporations act and could pose potential problems for the bidder. Hence the minority holders remaining could demand a higher price.

The main thing is if it is an all or nothing bid, then ATM we are at the mercy of Farjoy Pty Ltd.

If not then it is up to each holder to determine if they are happy with the price. One trick to note is that if it is an on market bid and initially accepted then if the bid price subsequently rises you are stuck with the initial price. In an off market situation any subsequent price rise flows through to initial acceptors.

As always above is IMO and readers are advised not to make decisions based on what they read on Hot Copper and DYOR.