mak offer doesn't recognise benefit of 75%

If like in the UK there is any special significance to owning 75% of a company, the MAK offer certainly isn't recognising that by making the offer conditional acquiring 90%. In the UK anyone with a 25.1% stake can block anything requiring a special resolution to be passed at an AGM/EGM. I imagine with only 8 days to go until the MAK offer closes the MAK camp is sh*tting itself whether they will get 75% (assuming you have the same sort of company law as we do).