Well yes it is entirely possible that TPG could try to buy the majority of stocks on the market. Don't forget there are many people who will just hold always as they don't look at the market often and having a negative marker in their trading platform is unlikely to get them excited about selling. So yes it is possible but as TPG buys up the company if they try this route the liquidity of the company will decrease and share price will naturally keep increasing. The board making a recommendation is only 1 step. Rio Tinto's board at first recommended the sale of the company for takeover but we all know how that went (shareholder voter rejection).
Once an offer is made if the share goes above the offer price which is very possible then TPG will have a few options.. Wait for it to drop back down, increase its offer price or give up.
And yes I have a few stocks in mind I would be looking to put the money into if the takeover happens.
Plus for more information about takeovers here is one of many websites.
https://www.ashurst.com/en/news-and-insights/legal-updates/takeovers-in-australia/
