The largest shareholder is a corporate raider. Who has opted to...

The largest shareholder is a corporate raider.

Who has opted to use a democratic process to gain control.

However, other shareholders has chosen not to give them control through a democratic process.

Now the largest shareholder has 3 options. Take control through an offer if it truly believes it has a better idea than incumbents and back themselves by lobbing a bid.

Alternatively, sit and wait.

Third choice is to go away.