CIMIC could delist anyway and make it an unlisted public company...

CIMIC could delist anyway and make it an unlisted public company (any listed company can do this and it does not imply failure or otherwise), but they would need to show cause to ASIC/ASX and, even if allowed, the ASX may impose conditions. This is particularly true if there is still a reasonable shareholder spread that needs to be kept informed. H and A reports, AGMs and EGMs, and "keeping the market informed" are usually the conditions.

The beauty of being a minority shareholder is the parent company will want to maximise its income from its acquired subsidiary, but must treat minority shareholders the same - ie, the div yield usually goes up. I'm sticking to UGL in the hope that CIMIC does not get to 90%, DY increases, and a "mop up" offer will be made in the not too distant future.

Its worked for me before.

If they get to 90% and get compulsorily acquired, you really haven't lost anything except possibly an earlier payout. Well worth the gamble, imo.