Delek's interestsDelek doesn't offer to buy all the shares for about $2 CAD thinking it's a $2.20 value down the road. For them it's surely worth much more and the heat is building up with the coming developments and the price of oil likely to climb up during the next two years.
1- If they do not reach 50%+1 shares of the 80% they don't have today, they will surely not sell their 20%. In that case, another shark would come in anyway.
2- Why they want the 50%+1? Because it will block another big one to make an offer for the control of the company or more.
3- To force all the remaining shareholders to sell they have to reach 90% by offers and there could be many requiered. Why would they do that? to get all the pie for themselves and to get out of the stock markets regulations.
Just my opinion