What's the CIm endgame re: buybacks/Hotchief?

Piggy-backing on Chrislechat's comment in the previous thread: what are people's thoughts on CIM's endgame?

Usually, I'm chuffed when a company is buying back stock under what I perceive as a reasonable value, especially when it's a family/owner-operator type company

However, as other people have already pointed out, it appears that Hotchief is trying to buyback as much as it can while the stock is cheap to take CIM private at a low valuation, screwing shareholders. I get this feeling that Hotchief will come out and say "we're taking CIM private at $25, you can't stop us" given their level of ownership (offering a crappy premium to current market value)

Since I'm not familiar with the legal aspects, is Hotchief required to make a mandatory acquisition of CIM once it reaches a certain % of ownership? And can/will shareholders be screwed over by this? Do Hotchief get to vote in support of a mandatory acquisition (at a good price for them/crap for us) given they are the acquirer?