That was my thinking too. They need 75% of individual shareholders to approve the takeover.
I'm seeing this play out with Resapp (RAP) at the moment with Pfizer trying to take it private and struggling to get this 75% threshold.
Considering that most of the top 20 (and likely top 50 shareholders) are actual employees (including aquisitions) of the company with a vested stake in the long term growth of this company. The chances of a takeover would be pretty slim I would have thought.
I'm not overly savvy on the takeover rules but aren't there are other thresholds like 90% of shares required before a hostile takeover?
Of the Top 20 shareholders my rough estimate is those with a personal stake (aquisitions/board/ceos) in TNT hold at a minimum 20% of all TNT shares (likely more obsfucated by NOMINEES entities). That alone is enough of a blocker to get to 90% of all shares I would have thought.
