To answer your question Oliver, tmr can never wrap up IBR unless...

To answer your question Oliver, tmr can never wrap up IBR unless they secure better than 90% of the shares [....if they did secure over 90% the corporations Act allows them to compulsory aquire remaining shares and pay no less than their previous offer to those shareholders].
IBR continues on as a separate company to tmr with its own resources and coh fully secured. There has been a good number of examples of this happening, the take- over co has had to pay a premium at some time in the future to secure control of 90% plus. Those IBR holders accepting this Pathetic udervalued offer from tmr could be far better off down the track by joining a good number of holders who believe it is not only worth a lot more presently, but will be worth a lot more again later on when gold prices start to spike.
Those who continue to hold 10-30 % will hold the trump cards with all the options of accepting a much higher offer from tmr [sooner rather than later] or accepting an offer from a preditor prepared to take out tmr.
Either way present IBR holders CAN NOT BE THREATENED OR INTIMIDATED into accepting this pathetic p*ss weak offer presently on the table because it certainly is not going to be accepted by a hard core of sizable long term investors who know full well and appreciate the value of the huge gold resources held by IBR. If tmr walk away then shareholders will move to remove present directors and install good mining people who know what they're doing and can deliver to the shareholders the true value for our resources. Cheers to all the holders of IBR, you deserve better from these directors and you will certainly do so by holding on your very solid ground.