SB has said this repeatedly, and it's been in the quarterly filings. When you look at the ownership, it makes no sense: https://en.wikipedia.org/wiki/Lexmark
The ownership is:
Ninestar (formerly Apex Technology): 51%
PAG Asia Capital: 43%
Legend Holdings: 6%
So, first off, it's clear that they don't have Ninestar on board. They own just over half of all shares, regardless of the percentage needed to carry the vote, they will always be at least half the votes needed. Legend is too small to matter, so we're looking at PAG. 43% is not 32%, so the magic number is not 50%+1, it's probably 75% (43% X 0.75 = 32.25%).
The other way to get to "32% of the required votes" is if it is 50%+1, and THEY ONLY HAVE 32% OF NINESTAR SHAREHOLDERS THAT BOUGHT IN TO THE MERGER, hence 32% "of the votes needed."
I think it's the former. Ninestar is HQ''d in China, PAG is in Hong Kong, and is comprised of investor money. PAG wants out - bad, as well they should. Ninestar is in the sphere of influence of the CCP, and will vote how, and when the party chooses.
Also, SB said they are "expecting" to close this by the end of year. Expecting is a misleading word, as the loan money goes away on 12/22/25 and it all gets paid back, w/ interest and fees if no deal is struck by that date.
Even if you are the "NO IT'S NOT!!!!" guy, you have to ask where and how SB is getting this 32% number from. They said this number out loud on the earnings call, and filed it with the SEC. Is it true?