Marcel owns 12 percent of Steam Forge Company (SFC). SFC trades on the Toronto Stock Exchange and has been the subject of a takeover attempt by Iron Forge Company (IFC).
Assuming that Marcel is the only minority shareholder who will not co-operate with IFC, determine the minimum level of ownership IFC needs in order to do the following.
a. Call a special meeting of the shareholders.
b. Replace the board of directors.
c. Replace the firm’s management.
d. Force Marcel to sell at the takeover price.
e. Win a vote on amalgamation.
f. Make a takeover bid.