General Discussion AGY, page-18534

The 90% rule is irrelevant.

If you get close to 50% you have the company.

Once you have 50% of the shares you can vote for absolutely anything you want. You can vote to install whoever you want as directors, make whatever decision you want etc etc etc. The company is effectively yours. In practise you don't quite need 50%, there are plenty of games to make up a few extra %.

We shouldn't be so naive to think everyone will play nice all the time. It's called "hostile" takeover for a reason, not 'everyone cares and shares and is looking for a mutually beneficial outcome takeover'. You'll virtually never find a takeover where there aren't more than 10% of the holders disgruntled about it! If that's all it took to stop a takeover, there wouldn't ever be any.

As I said, I don't think a takeover is at all likely at this point and the conditions required to make it a target also mean the price will be much higher, but we should not be so naive that we think a takeover is impossible specifically because of rules which would only be meaningful if everyone was playing nice and fair and there were no devious folks out there, let alone malicious ones.