Dr West, page-60

Thanks for the reminders Koko n JnJ... timely to have legal angle.

Have I got this right, Creepy Stage 2 of CBs could be to regain voting rights and then use @ 3% creep rule to avoid official TO offer to SHs:

"The basic problem with the 3 per cent creep rule is that it allows one shareholder to gain control of a company without making an offer to all shareholders. It enables control to pass without full information for shareholders, at lower prices and without the company's directors having a role to protect the interests of shareholders..." - AFR

And a scary example:
Guangdong Rising, a Chinese investment company owned by the Guangdong provincial government of southern China, is angling to gain control over the Mount Frieda gold and copper deposit... Now controlled 80 per cent by PanAust and 20 per cent by Highlands Pacific. Guangdong Rising's "proposed board spill would constitute a change of control of the company, without any payment or premium for control", Highland Pacific's outgoing chairman Ken MacDonald and Ron Douglas, the chairman elect, said in a letter to shareholders. "Our shareholders deserve better. If GRAM wants control, it should make a takeover offer and pay a full price." - SMH

Last word from JnJ:
"I have not followed up the Highland business but that T/O (from 15% holding) only works if most of the other shareholders are supportive or disinterested." - JnJ

"We need to be alert and very interested and get in their face - perhaps if they see the AA ready to fight tooth and nail they will go and ask for some other guy's goodies."

IMO add your name to the BoD list JnJ!