None of the buying today is Skip. The takeover laws kick in at...

None of the buying today is Skip. The takeover laws kick in at 20%, and prevent them from acquiring anymore shares except through:

• acquisitions under a formal takeover bid in which all target shareholders can participate
• schemes of arrangement
• acquisitions with the approval of a majority of the shareholders who are not parties to the transaction
• acquisitions of no more than 3% of the voting rights every six months (creep rule)
• acquisitions under rights issues and underwriting arrangements
• “downstream” acquisitions of shares in Australian companies that result from “upstream” acquisitions in companies listed on the Australian Securities Exchange (ASX) or on certain foreign stock markets approved by the Australian Securities and Investments Commission (ASIC).

Skip are also entitled to request a board seat once they get 15% of the voting rights. So management can't really just rebuff / ignore their approach at this point. Interestingly in their announcement, they didn't actually say what they intend to do.