Merck takeover $1.75 a share, page-88

Just need to clear this up (my apologies for earlier advice). There are 2 ways to acquire a company, one is by a Takeover, the second by a Scheme of Arrangement. What you have described above is a Takeover, but after checking the details Merck has chosen to proceed down the path of a Scheme of Arrangement. This calls for a meeting of shareholders (either in person or by proxy) where at least 50% of shareholders need to participate and 75% or more vote to agree to the arrangement, plus some other legalities and a Court approval. If these requirements are met, it is all over.

Explained in detail by Minter Ellison in:
https://www.minterellison.com/artic...rrangement-structuring-a-friendly-acquisition