dio recommends avoca's increased bid 1 for 2.3, page-11

It is really up to the AVO board of directors to decide on that. It will still run as two entities at the end of day (regardless if there is 100% control or not).

Dioro Exploration NL will still run as an entity (even when AVO has 100% control), it will just be operating under its own name or maybe Dioro Exploration Pty Limited as a subsidiary of AVO.

Even if say AVO has 85% of DIO, Dioro Exploration NL will still be a 85% controlled subsidiary of AVO. Nothing changes apart from staff and organisational structure. Its that the non-executive directors of DIO will be replaced with AVO's nominees. A cutback of staff maybe possible, depending on the synergies AVO may want to achive.

Read some annual reports of any listed company to see what I mean. If you look an BHP for example, BHP might have hundred's entities under its control, majority would be probably 100% control, some maybe 90%, 85%, 70%, 50%, or even 20%.