Having recently been involved in gathering retail and 2 top 20 shareholders to produce a 32% block to a SOA - it is possible to block.
I note the 'big 2' hold nearly a blocking stake for a SOA already (and 100% of shareholders NEVER vote - so those 2 on their own would probably be enough).
Retail here seem very well connected, so there is a reasonable starting place to at least get a BIG pharma to make a reasonable SOA offer - and if not reasonable, then we have the ability to block and demand more.
Of course if the top 2 decide to accept, then there is little retail can do.
For Big Pharma to gain a 50% + 1 stake, we would get a warning at the 20% threshold - plus buying 50% + 1 on market implies the SP would be significantly higher than now.
DO IMHO 2c
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