Running Commentary on the SP Movements., page-3203

Without these caps, AVZ could hit 26c or more.

A takeover premium is usually 50% - 100%.
Tianqi Lithium offered 76.88% premium while acquiring Talison in 2012.

If they kept price under 25c.
Potential takeover price: 24.5c x (1 + 76.88%) = 43c

If let price run, saying 30c.
Potential takeover price: 30c x (1 + 76.88%) = 53c

The difference for consideration:
2.249b (fully diluted) x (53c - 43c) = $224.9m

Providing 18m shares have been taken, 18m @ average 26c = $4.68m
These shares sold, would still result in a nice profit.
But potentially effectively saving $224.9m on takeover.

Just for exercise.