A company which tries to acquire a target in a two-step process and fails to get the necessary ~90% shares then has complete the steps corresponding to a one-step process (i.e. file a proxy statement and convoke a shareholder-meeting).
Does that actually make sense? Provided that the company that has failed to get a supermajority of the shares still has acquired a majority, then it will get the approval on the shareholder meeting anyway, won't it?
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