How would a takeover work?

Hi everyone. I'm pretty new to share trading, pretty new to these forms, and very new to AVZ. I've been lurking in these AVZ threads for a few months now, getting up to speed.

I bought a small quantity of AVZ shares at the start of December and then decided to forego a shiny new tv on boxing day to increase my AVZ portfolio instead.

I've seen a lot of talk on potential takeover. (I think that's what TO means, right?) I was wondering if some kind person could explain to me briefly what that would mean for AVZ holders. Would there be some kind of shareholder vote, and if enough agree everyone's shares are bought at an offered price? Is there an option to stay on board for the longer term (i.e., have your held shares exchanged for an equivalent value in shares of the entity taking over? Any other pertinent details anyone can explain?

I'm pretty interested in the long term potential of this lithium deposit. But I think if I've read these forums correctly, it's pretty much a given that AVZ themselves aren't going to be the company that ends up mining it?