You do realise that the majority of shareholders will be voting...

You do realise that the majority of shareholders will be voting FOR the transaction?

The anomaly of a Scheme requiring 75% acceptance can easily be negated with a simple asset sale and a subsequent delisting of the company which only requires 50.1% of the shareholders to approve.

So if I'm Pfizer, do I bump the offer and risk my reputation that the rats and mice reject it anyway? It's not like TT can get consensus from all supporting his motion to negotiate with Pfizer on your behalf.

If I'm the BOD of RAP, I re-cut the deal as an asset sale which results in less value to RAP shareholders as they'll have to pay for the de-listing costs. That's the prudent action in light of no cash in the bank in an uncertain capital raising environment.

It's been done before - MIRA used it on VTH last year.

So your activism will likely result in a lower return with a time delay.