Kev6688... Yes that is correct and that means that the takeover...

Kev6688...
Yes that is correct and that means that the takeover bid is approved by the shareholders.... so far so good. But>>>

As I interpret the agreement, Merck have entered on the understanding they will be able to acquire a 100% holding and to ensure that they need to acquire at least a 90% shareholding after which they can (according to guidelines under the Corporations Act) compulsorily acquire the outstanding 10%.

Let's suppose, for example, that although 80% of shareholders approved the deal and they represent say 85% of the shareholdings Merck then have options to increase the bid to attract another 5% or walk away if that option is in the fine print of the agreement.

i'm not suggesting the need for either option is likely but they can't be ruled out. Having said that I would be very surprised indeed if Merck hadn't received very early assurance from the Board and all major shareholders and have known from Day 1 that they will get the 90% or more they need.

Likely outcome...
I feel confident that shareholders will receive the offer price of $1.75 for their shares... a transaction which I understand would not invoke brokerage fees but I could be wrong on that.

This is a somewhat nostalgic journey for me since in the distant past I held a decent sized parcel of VLA but sold out... Ah! the wisdom of hindsight.