Definitely not a single question. There can be heaps of...

Definitely not a single question. There can be heaps of different outcomes depending on the mechanisms used.

Firstly an interested party has to go to the board with an offer. The board can't accept the offer per se. The board has to take the offer to shareholders (usually with a recommendation of whether to accept or not) and then shareholders will have to vote their acceptance.

This can be done under a scheme of arrangement which would require 75% of shares held by non related entities to vote yes to the offer.

Otherwise it can be done as a normal takeover and will require 90% acceptance.

Moving on from there the offer can be made via scrip (acquiring parties shares) at a set ratio giving the implied valuation of the takeover.

Alternatively it can be made as a cash takeover where you will just give up your shares in return for cash at a set price.

Or it can be done as a combination.

This is obviously not an exhaustive explanation but it's some basics.