Blues - you are right. I had it right in my head but typed it...

Blues - you are right. I had it right in my head but typed it the wrong way around. They need 75% of votes and 50% of the number of shareholders voting. There was a similar rip-off attempt last year when Lend Lease were trying to take over LLP. They offered a way-low price by scheme of arrangement, and this was followed by a lot of discussion on Hot Copper about what a rip-off it was and how we would all vote against it. Lend Lease presumably saw the writing on the wall that they wouldn't get the 50% of shareholders voting, and they subsequently lifted their offer from 31c to 35c, and it was then successful. These schemes all seem to operate the same way, so it must be a legislative requirement to get a favourable vote from 50% of shareholders voting - it effectively helps protect small shareholders.
A 13% lift was sufficient to get Lend Lease over the line on LLP. If BIP lifted their offer by 13%, it would take it past the magic $5.08 paid by the former BEPPA holders and those who subscribed late last year in the recapitalisation. But $5.08 is still way below net asset backing.