" The Rights issued under the Rights Plan become exercisable only if a person acquires or announces its intention to acquire 20% or more of the common shares of the Company without complying with the "permitted bid" provisions of the Rights Plan or without the approval of Aurelian's Board of Directors."

IMO the last phrase makes everything that has been done OK.

If the phrase said " and without" rather than "or without" we might have a good case.