There are 2 distinct figures in regards to the Takeover Offer....

There are 2 distinct figures in regards to the Takeover Offer. The steps for for T2 are vastly different, depending on which bracket their shareholding falls in to at the end of the Offer period.

They needed to get Atleast 75% of the shares available at the start of the Offer period to be able to compulsorily acquire the remaining shares as part of the Takeover Offer. Their shareholding needed to get to Atleast 96.41% for this option to be available to them. Any shareholder can object to compulsory acquisition, but it is up to the shareholders to prove to the Court that we are not being offered fair value. The Bidder must launch compulsory acquisition within 1 month of the end of the Offer period (was which 3/8/18).

If their holding was between 90% and 96.41% at the end of the Offer period, then the Bidder can look to acquire the remaining shares, but this is done outside of the Takeover Offer. The compulsory acquisition notice must be issued within 6 months of achieving 90% (25/7/18). When the compulsory acquisition notice is sent to shareholders, they must also include a form where shareholders can object to the compulsory acquisition. This form (if completed) goes back to ASIC. If ASIC receive notices that cover Atleast 10% of the remaining shares on issue, then the Bidder needs to prove to Court (at their own expense) that the price being offered to minority shareholders is fair. ASIC also arrange for the completion of a new Independent Expert report (ASIC choose who does this), which is presented to the Court. The Court may determine what price is fair value for minroty shareholders. If T2 don't want to pay this then we will remain minority shareholders. They will then be required to share proceeds with minority shareholders. I see the chances of this last bit happening as extremely remote.