Does the bid need to be made by a listed entity? E.g. what if a...

Does the bid need to be made by a listed entity?

E.g. what if a trust were set up by a sufficient number of holders and altogether they had 50% of the company. Could this trust make an offer to acquire another (say) 1% of the company. If we already own 50% we could appoint our own director who would recommend this offer. We could make the offer at the prevailing market price at the time and then buy those shares at an acceptable outlay for each holder.

Would that work?

The aim of this is not just to avoid the convertible note liability. It is also to have more control over management. Of late it has seemed management are out of touch with share holders.