You are correct in that the Concert Party hold a collective percentage of PGD shares meaning they can at any time buy just one more share to be forced to make a bid for the company at the highest price paid by the Concert Party for a share in the preceding 12 months. In PGDs case the Concert Party have not bought a share in the last 12 months therefore can at any time buy just one more share and be forced to bid for the company at the price paid for that share unless that right is waived by the shareholding majority.
Although the Concert Party have the controlling interest in the company there are still a large number of private investors still invested.
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