Suppose I own 30% of a company and make a tender offer to buy all shares (e.g., at 120% of the current stock price) and thereby make the company private. Also, suppose the board of directors supports my proposal and places it on the next proxy vote.
Do my 30% of shares count for that proxy vote? Or, is it effectively like only 70% of the shares exist and a majority of that 70% is needed?
Intuitively, I would think that my shares should be excluded...this becomes more evident if I change 30% to 51% above. But, I can't find a reference.