Okay then, do I have this right ? If someone declares that they have acquired 20% of the shares of the company, then they can make a bid. Then if 50% of the remainder of the shares are tendered, the bidding party would then own 60% of all shares of the company (20% + half of the remaining 80%).

That leaves 40%. Retail holdings of NOT have been quoted at 43%. Which means that the bidder would need only 3% of Retail, plus all institutional (55%) & management (2%) shares, to achieve 60% ownership. And then they would still need another 6% to have control of the company.

And if I have all this right so far, then the bidder would need a total of 9% of Retail, plus all institutional and all management shares. After that is achieved, then the bidder needs to reach 90% of all shares tendered and the company is their's. I believe that the remaining 10% then are forced to sell by a certain date or lose the shares.

I'm trying here, lol. Do I have all this right ? TIA

strato