what happens next

is anyone out there familiar with this s249 backdoor takeover approach?

to be honest it's the first time I've seen it, although it appears to be more common in the small cap resources space.

for example, assuming the proposal fails at the vote (which I hope it does) do the parties attempting the takeover typically just give up or do they just keep agitating over and over again?

I guess if the board does put together a deal for a new biotech technology (tautology aside) then I suppose this would put it in the too hard basket and the newcomers may melt away..?

will be interesting to see how this whole thing unfolds from an investment view point..