Arla Foods: UK's top dairy

I accept that a hostile bid might seem nonsense when you have a puppet board........
...........however
Is there any legal reason to prevent Amba acquiring as much as market forces permit of Arla with a take it or leave it offer in the event of not reaching an agreed bid sp with the board .........and then come back with a higher bid for the balance of shares at some later date..........?

ie If the recent history of the sp is the lowest it is likely to be in advance of a bid then now must be the time for amba to go for the maximum shares it can get at the best price they can justify to themselves whether or not a bid spis agreed