News: UNV Universal Coal Responds To Terracom Announcement, page-4

In a takeover, the magical number is 90%, then and only then is the takeover is considered a success. When the bidder gets 90% of the target, they can by law (both in Australia and the UK) compulsory acquire the remaining 10% on the same terms of the offer.

if the bidder gets to 75% but less than 90%, sure not a failure but not a success, they can delist from the ASX provided the pass a bunch of tests. The big one would be the spread of holders. The remaining shareholders spread has to be less than 150 holders with more than $500 market value.

I don't see how any bidder would want to end up in no-mans land with a holding below 90%. Delisting isn't great for the minority shareholder nor is it great for the majority shareholder.