No-one is going to take the offer as it stands. Unless there is some sort of deal going on with major shareholders as alluded to.
Also it is true that 90% holding to successfully take over a company simply, but even gaining a 50.1% holfing changes the whole ball game. And once you get to 75% then you can basically take full control in other ways.
newsat hit with takeover offer, page-60
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