Question: If Coastal say bought 20% of the PPX ords (which is...

Question:

If Coastal say bought 20% of the PPX ords (which is only about $6m), and then they accepted the PXU offer, they would have around 30% of PPX. I assume this is ok under the takeovers law and they are under no obligation to make an offer to the rest of the SHs since they are then over 20%?

Not that they would want to do this but it is a huge bargaining chip in discussions with the board.

The board needs to face facts: they are checkmated and the sooner they put their self interests behind, the better for all stakeholders.

Fighting on until the bitter end just destroys any remaining value in the parent company.