RE:RE:RE:RE:RE:RE:RE:RE:Q3 2021 ResultsPerhaps, but the chances of winning such a fight are extremely low. Plus, shares acquired would be acquired pursuant to rules applicable to both corp buy backs, and rules affecting purchases by 20% holders (15% premuim limit etc). Their defence would be all rules were followed.
It the Trust offered say just $3 for the approx 77% (need to check 77%) it does not own, and sufficient shares, including majority of minority, your arguments would also be compared to the actions of shareholders tendering to $3. Shareholders tendering to $3 may hold their noses as they do so, but still.
The best defence against a low ball take out is a good share price and and strong independent board members.
Maintaining an active NCIB can help with the share price. A small dividend may help as well.
If the Trust were planning a low ball bid, the NCIB helps them, but it also serves to firm up the share price.