Another case study is AFC. Not Leopards but Arsenal Football Club!
A few years ago Stan Kroenke reached the minimum threshold required to be obligated to make an offer to the rest of the shareholders. That offer has never been accepted and his competitor Alisher Usmanov is still busy acquiring more shares regardless of the offer Kroenke put through.
What I'm saying is if you feel a takeover bid is made at a 'bad' price, you have a choice of rejecting it.
GOD BLESS YOUR LIFE