RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RTO ProcessI think you may be confusing the two possible scenarios here. The transaction for a company that does not want to be taken over would be very different, some would say hostile. In that case
they would either have to buy/own the majority of the shares, or they would have to tender an offer higher than current share value and get the majority of the shareholders to vote to accept the offer.
If Bevo didn't want this to happen it wouldn't have happened because, not only did Bevo management and insiders own the controlling interest in their company (about 60%), but the vote to proceed with the RTO was unanimous. I don't think Sun Pharm owned any shares of Bevo prior to this transaction.
As Smallcap87 pointed out, this was not a typical RTO, it was a merger between two willing participants that used the mechanics of an RTO to turn 1 private and 1 public company into a new publicly trading entity while protecting shareholders on both sides