Is cwn a great short?, page-5

Anything less than 90% acceptance, assuming its an unconditional bid, ie not reliant on more than a certain percentage acceptance (say 75%) would be treated as a minority, which is bad, because the liquidity would disappear and youd be left holding a position. its also bad for the bidder because they would still have to adhere to the reporting rules of the ASX and be listed, which is costly.
However, acceptances of over 90% would trigger a compulsory acquisition of the balance, ie you'd have no option other to accept.