In an official hostile takeover situation (an offer made by a ‘bidder’ to buy everyone’s shares in the target company), he would need to have acquired 90% acceptance of the offer before the remaining 10% are forced to accept the offer.
A scheme of arrangement re-organisation (friendly takeover) of the company is a different ball game and requires only 75% acceptance to proceed.
In this situation the bidder and the directors of the target company will have been in talks before the announcement to agree the price and terms.
baragatan-1 well to be re-spudded nido petrole, page-174
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