Actually once you have agreement from the Board to sell, you only need pick up another 7% of the shares which would give you 75%. Once you have 75% a scheme of arrangement gives you the remaining shares.
Just woken up so apologise if this is a bit woolly-headed.
I get it that 100% takeover is the target and this is the only certain way of acheiving it in practical terms, but could this not be a PR disaster for the new owners?
I mean, your first action as a majority shareholder is going to High Court to buy the minority out seems a bit drastic.
Would have thought that if the board recommend the deal, and Grantchester, Estate of Sir PC, Arthur Abercromby, Willy Russell, Keith Tamblin Cliff Finch and Jimmy Mulville all sell up, you'd be up around 87/88% mark, so you only need 20% of the remaining shareholders to hit 90% at which point the minority an almost be ignored as long as you don't act in a way that prejudices them.
Edit - story just over 24 hours old and already discussing if it's a good idea to go to court to oust the minority!!!
May not get past due diligence for God's sake