Takeover, page-10

The takeover is a friendly scheme of arrangement so only needs 75% of shares by value and 50% by number to vote for it to get it over the line. 16% is not a blocking stake so a counter offer is the only way to get a higher price unless Ruffy can get another 9% of shareholders to back him to hold out for a higher bid.

You are right Orora is the left field contestant but may be ACCC issues there. The bidder has plenty of financial muscle and will win in the end I think particularly with the currency advantage.