Firstly, your liquidity concerns.There were 6,700 shareholders...

Firstly, your liquidity concerns.
There were 6,700 shareholders at the AGM. There is certainly less now, but still a considerable number.
If they drilling/3D is successful then liquidity will not be an issue.
If it is crap, it may become an issue with or without the takeover.
There are several public companies with one shareholder having control and this has not affected the liquidity or the performance of the company.

Like you, I am not concerned with MIN having 50%. They effectively had control some time ago with less than 50% IMO.

At 75%, MIN can apply to delist.
However, that does not mean the company will delist.
The Offer Documents state it is MIN's intention - it idoes not mean it will happen, or that they will even try.
Delisting can be blocked by 150 shareholders with $500 of stock.
IMO it is almost certain that there will be enough outstanding shareholders to block this.

I also think that having MIN in charge could be a positive for NWE.
I believe they want to develop the tenements as fast as possible and nothing that has happened will change that.

I think MIN will end up somewhere between 50 & 60%, and will be happy to sit there, just as they do in several other companies with MIN holding above 50%.

IMO, this was all about controlling the JV tenements.
MIN needed NWE's agreement to do anything, even though NWE only had a 20% interest in the tenements.
This meant NWE could block MIN if they wanted to - very unlikely, but possible.
However, it was a fantastic position for NWE to be in for any negotiations with MIN.
Now MIN can basically do whatever they want with the tenements without worrying about NWE withholding consent.
Full steam ahead for MIN.

Just my opinions - DYOR