Couple of things. They cannot just vote to take it private. to...

Couple of things. They cannot just vote to take it private. to do so would not be right to the minority and would leave them actionable under Fraud of the Minority statutes. Simply not worth getting into a lawsuit as there is a 2nd alternative.

Once they reach 90% they can do compulsory acquisition. The good thing about this is that unlike their initial acquisition the corporations act says there must be an independent experts report on the valuation of our shares, based on the valuation of the company not just current market value of the shares. See page 5 in this link


At 90% they can afford to act reasonable to the remaining 10%. The alternative can be a lot worse for them.