Not quite right we are talking hostile TO here with predator and...

Not quite right we are talking hostile TO here with predator and company management aligned against minority share holders. 90% isn't needed for a hostile TO, all the predator needs do is get control of the Board and that requires something less than 50% in practice. Predator controlled Board wouldn't accept 15 cps? Then there is the incremental 3% creep and a non renouncable RI to dilute our holdings. Gaining full TO from a position of Board control needn't cost a lot as long as they are happy to screw share holders. There are all sorts of unconventional TO tactics that can be used to squeeze out the small shareholders, and the last 10% will get almost nothing when compulsorily acquired. Such a TO takes a while, but the predator may well have settled into a long game, buy shares, manipulate the SP, get more members on the Board, spill the Board etc etc.