Pretty much correct unless there were provisions in the Company...

Pretty much correct unless there were provisions in the Company Constitution, probably replacable rules, that allowed such an event but that would have been raised already by someone. Even if proportional takeovers provisions were in place and had been voted in favour by the shareholders in the last 12 months they still could not achieve the break-up you are suggesting as it would be a shift in ownership of "substantial assets" and that opens a whole new shareholders engagement exercise.

What they can do is cause havoc amongst the management team by having aggressive non-independent directors behaving like unaccountable executives as they are not happy about the current share price after they converted a whole lot debt to equity at a substantial discount and that is where it seems to be right now and the remainder of the Board are asleep at the wheel or choosing to remain passive in the absence of an alternative.

Takeover my derriere....what a cracker.