A problem for Mac Bank in their TO tactics is that by selling down their stake they limit their ability to execute an unconventional TO, ie buy more, use the creep provisions in the ASX rules, eventually spill the board and at 90% compulsorily acquire the last 10 per cent. So you are righ, only a full TO offer to all shareholders can succeed and there would be more companies than Mac Bank running the ruler over us right now for a competitive TO which would have to be more than the rejected 20 cps.
Is Mac bank selling responsible for fall in share price?, page-5
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