Correct me here if Im wrong but:

1. You need 1/3 of the votes to stop an hostile takeover.

2. Management got 20% of the stocks.

Now lets speculate:

3. If it comes to a vote, about 75% of the stock will be used, 25% of the stocks will be hold by people that dont care to vote . This means that you need 0,75*33%= 25% to stop an hostile takeover. cliff+ management =9% +20% > 25%. So we are good then.

4. Cliff sells. Management then need 5% of retail to vote with them. Lets for fun say that the average long invest got around 0,1% (50000-60000) shares in Zen. That means that we need 50 person to vote with management to stop an hostile takeover.

Therefore, the possibility for a hostile takeover to succed is in my opinion negligent.

/godis