'Any takeover buyout must be higher than 3.0 to have any chance....

'Any takeover buyout must be higher than 3.0 to have any chance. Shareholders have the final say and can block any low ball offer.'

Why?

With a SP of 0.8-1.0 c, a bid at 2c may be enough to get over the line\. I don't see the option strike price having any relevance in the maths. The options give the right to buy but they are not shareholders ad thus their view as option holders does not count. Now if they also hold shares then their actual shares do count but not the oppies. And many millions of oppies have been traded as have the shares so some will be holding just the heads and other just the oppies.