Ann: Shareholder Activity , page-3

Question on the content of the recent letter from Champ Equity and SEA6 published by Miclyn; if as they say, under bermudian law, they can make an offer to take the company private without a premium, and can also vote their 75% majority shareholding on the offer, what's to stop them making a low ball offer for the remaining shares and voting it through? It states they are exempt from the Australian takeover provisions of the corps act. Have missed the point? Is this statement by the private equity pair factually correct? If so seems like a big risk for minority shareholders.
Thanks,

T