Takeover Implied, page-5

From my experience, they will put an offer out at something low like 12c. Get a bunch of people accepting it and then keep increasing it until they can provide a compulsory acquisition from 75% acceptance. They wouldn't dare produce a credible valuation before then, because a valuation can be used to reject a compulsory acquisition even if 75% acceptance has been received.

If they get up to 20c and force compulsory acquisition on market value, we'll just have to accept it even if the true value is vastly beyond that.