At the current price, a takeover would probably not be in...

At the current price, a takeover would probably not be in shareholders best interest.

The bidder could get 50% effective control without acquiring the the diluted interests of Lynch Family & Co. If the bidder did so it could seek to de-list the company to force the hand of the remaining shareholders.

Lynch Family & Co would then likely capitulate to accept the bidder's offer, else risk a falling share-price once the offer closes. If bidder attains 90%, remaining 10% becomes compulsory & the company would then likely be de-listed & go offshore.