XIP merger - Really Good or Really Bad?, page-7

From what I've seen on hostile takeovers in the past, the first offer price is rarely the final price paid.

21 Mar 2019 will be an important date, as the ACCC will rule on the QANTM + Xenith merger.
https://www.accc.gov.au/public-registers/mergers-registers/public-informal-merger-reviews/qantm-intellectual-property-ltd-xenith-ip-group-ltd

Assuming ACCC approves, then IPH will need to vote "no" on 3 April at 10AM.
For the scheme to be approved, a resolution in favour must be passed at the scheme meeting by each class of target shareholders by both:
1) 75% of the votes cast on the resolution; and
2) more than 50% in number of the target shareholders voting on the resolution (in person or by proxy)

IPH controls 17,734,708 shares which will vote no.
Assuming all 88,717,931 shares are voting, then if 4,444,767 more shares (5.01%) are voting no, then the merger vote is unsuccessful.
If less than all 88,717,931 shares are voting, the chance of success of the merger vote decreases favouring IPH. For example, if only 70,938,832 votes (80%) on 3 April, then IPH has enough to block because it has 25% of 70,938,832.

2 May will be an important date also, as the ACCC will rule on IPH's 19.99% ownership in Xenith
https://www.accc.gov.au/public-registers/mergers-registers/public-informal-merger-reviews/iph-limited-acquisition-of-xenith-ip-group-limited-or-qantm-intellectual-property-limited

If ACCC approves, the IPH could proceed with a takeover of Xenith. IPH would need to acquire 90% for compulsory takeover. The top 5 institutions as at Sep 2018 own 37.83% [15685115+8071931+4956463+2626605+2224380]. The previous owners of Shelston, Watermark, Griffith Hack (41 principals) own 41.99% [12541333+3068251+21638744]. It would appear to be tightly held and price premium would be required.