takeover - directors please stand up, page-16

Gdaf, according to ASIC, ARC will need a 90% holding before they can force out remaining shareholders.

According to ASIC the board of ADI are also obliged to make a statement.

I think we may see a higher offer... feels like a low ball attempt.

http://www.fido.gov.au/fido/fido.nsf/byheadline/Takeovers+info+for+shareholders?opendocument

A shareholder who acquires 90% of a class of securities in your company other than under a takeover may also acquire your shares compulsorily. If they propose to do this they must send you documents including an expert's report commenting upon the fairness of the offer. If the holders of 10% or more of the minority object to the compulsory acquisition, the matter may go to court to determine the fair price.

Your company's directors (the manager in the case of a managed investment scheme) must give a formal answer to the offer, called a "target's statement". When the bid is announced to the market, it is common for your company's Board to make a short statement. They will usually ask you to hold on to your shares until you have read their formal reply. This is generally sensible advice because the Board may be looking for ways to get a better price for the company, either from the original bidder or from other companies. If they are successful, you would probably want to take advantage of a higher price.