66.66% In addition to customary conditions, the proposed Offer is expected to be conditional upon not less than 66 2/3% of the Oromin Shares (including Oromin Shares owned by Teranga as if they were deposited) and a majority of the minority (excluding Oromin Shares owned by Teranga), being validly deposited under the Offer and not withdrawn, approval of the shareholders of Teranga for the Teranga Shares to be issued under the Offer, obtaining all required governmental, stock exchange, and regulatory approvals, no material adverse change occurring in Oromin, and the OJVG Shareholders Agreement being in the form filed as at the date hereof with the Canadian securities regulatory authorities on Sedar. If sufficient Oromin Shares are validly deposited under the Offer and not withdrawn, Teranga intends, but is not required, to take the appropriate steps either by way of compulsory acquisition or subsequent acquisition transaction to acquire the remaining outstanding Oromin Shares.
so they need 66.66% of which they already have 25%....I would assume we are using the total of 135 million shares outstanding, because many of the options were way over the offer price, so 90 million share out of 135...they have 34.7 million between them and IAMgold.
Also the majority of the minority...so they need 50% + 1 share of they shares they do not own, with IAMgold's shares they are close to that too. so out of the 116 million they do not own they need 58 million of which they have 16 million with IAMgold tendering.
I believe they need to meet both of these conditions.