I think the 51% is not a reference to how much ownership LKO...

I think the 51% is not a reference to how much ownership LKO want. It is a reference to the minimum acceptances required for the take-over to proceed. I am assuming LKO woild prefer 90% so they can go to compulsory acquistion.
But with 51% they can at least control Rawson.

I am sure LKO are extremely happy with the terms of the takeover. My beef is with the directors of RAW for accepting such a low ball bid. They could have put the bid to RAW shareholders without necessarily accepting it in advance.

Also I think they should have done a placement and SPP instead of taking a ridiculous loan at 10% interest rate.

Gosouth