mak offer doesn't recognise benefit of 75%, page-7

NBNO, I believe you are technically correct. My understanding is as follows under Australian Corporations Law:

* At 50.01% ownership the target becomes a subsidiary and you exercise a significant degree of control by being able to vote for any ordinary resolutions
* At 75.01% ownership you are able to pass special resolutions, which generally include things like varying share rights, creating new classses of shares etc
* At 90.01% ownership you have the legal right to compulsorily acquire the remaining shares

At all times, the directors must act in the interests of all shareholders including minority shareholders.

As to whether any significant benefit is conferred by achieving 75.01% is a moot point - personally I doubt it except that you are a bit closer to getting to 90.01%.

I am not a lawyer.