That would give them control of nearly 40% of the company. A...

That would give them control of nearly 40% of the company. A hostile suitor could take control the company with less than 12% and a juicy incentive for them to recommend the price offered. Wouldn't have to be forced to declare intentions beforehand. You might get what is touted as a good price but still nowhere near its true future value. AVB was a case in point where the directors options ensured transfer of the company control in the face of strong shareholder resistance.

p.s. For the superstitious, that would mean SOI would be 666 million...