Unless FFT get 80% (or change the conditions) the takeover fails...

Unless FFT get 80% (or change the conditions) the takeover fails and they give all the accepted stock back.

If they change the conditions, then... shareholders must reassess the changes.

But if they modified the takeover conditions to keep a 50% controlling stake... it is kind of redundant isn't it? MSP doesn't really have much of an independent board as it is. As far as management of the company went, what would change?

The key number is 75% because that's where FFT will move to delist MSP (assuming they modified the conditions to keep a less than 80% stake). They might not be able to (because of the spread conditions) but that's the important threshold for most shareholders.