Member Info for Hitmancoder

CABP Independent board recommends the new Stone X offer "The Independent Board has carefully evaluated the Increased Final Possible Offer together with its financial and legal advisers, and concluded that it would be minded to recommend such an offer to the Company's shareholders" https://www.londonstockexchange.com/news-article/CABP/increased-final-possible-offer-from-stonex/17549032

Helios rejects the new offer https://www.londonstockexchange.com/news-article/market-news/update-statement/17552893

If I am understanding this correctly Helios cannot take CABP private without 90% of the shareholders support. Yet they appear to be moving forward as though they can force the takeover at a price 29% below Stone X's latest offer. What am I missing?

https://www.skadden.com/-/media/files/publications/2023/03/the_general_guide_to_the_uk_takeover_regime_march_2023.pdf

Compulsory Acquisition Threshold

Compulsory acquisition requires acceptances for at least 90% (by value and number) of the shares to which the offer relates. Over 50% provides control (voting power for board decisions) but falls short of the 90% needed to squeeze out minorities.

Helios Context

Helios has support or control over ~52.7% of shares via holdings and letters, but their firm offer was rejected, and no 90% acceptance has occurred amid the competing StoneX bid.