RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:There's nothing left here jah
I doubt a low end deal will succeed given XTRA’s wide spread share ownership structure and the need for a 66.7% shareholder approval.
Your reasoning is inverted. The greater the percentage of the share base that is in the hands of small time fragmented retailers, the easier it is for a larger party or 2 to win the 2/3 vote.
Reasoning being is that it is not 2/3 of the outstanding shares that has to vote to accept, it is 2/3 of the share/votes cast. Every share that is not voted gives greater percentage weight to the shares that are.
If a takeover vote was being cast for a company and only 50% of the outstanding shares were voted, then an institutional that held 25% of the outstanding shares would carry a 50% weight on the outcome.
That was a grossly simplified example that was made only to show that the greater the percentage of shares that are in the hands of disengaged small time retailers, the easier it is for an engaged larger party or 2 to get their way.