Chaps,
for those who would like a detailed explanation, go to : https://www.allens.com.au/pubs/pdf/ma/takeovers-handbook.pdf, there you will find the Allens Handbook on Takeovers in Australia, and on page 27 of 68 there is the full exposé stating precisely the above. The Scheme of Arrangement is generally preferred because as is said, it is an all or nothing exercise. The 90% holding for compulsory acquisition is irrelevant.
trust this helpful.
United we stand divided we fall, page-47
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