In Today's west - renewable energy WA, page-35

Take over bid is required to protect shareholders' interest in order to avoid that acquirer will advantage from its superior position to demand for a cheaper price.

If acquirer could acquire more than 20 per cent of the company's shares through general meeting, it will be unfair to current shareholders (in particular small shareholders) since they have to give up their shares at a cheaper price.

It should be "something" which has not been revealed to us. Soon we will know it since Mr Boyd is a reputable director. Hope his decision would advantage small shareholders.