After reading through what happened with Alliance (AGS) I reckon...

After reading through what happened with Alliance (AGS) I reckon you may well be right about this strategy. @eshmun seems you were involved in some of the discussions on the AGS threads about board spills etc in 2015 so maybe you can comment?

It would make sense that a majority of shareholders would vote for the new directors if there was a good indication that they could achieve a sale following this strategy (I assume the bigger money/holders would have done their research before voting).

So possible series of events:

1. RRL resubmits its offer (maybe no higher premium given the first offer would have been sufficient except for Hawke's Point).
2. Board recommends offer.
3. Board gets a third party to show the offer is sufficient
4. Board calls a meeting to vote per 11.2. Assume positive vote.
5. Capital return is announced (if the offer is in RRL shares then shares would have to be sold first).
6. Capital return comes through and CMM ticker continues a shell company looking for an asset.