When considering whether or not to take a toe-hold position in a company prior to making a run at acquiring it, a big consideration is the percentage of shares that an acquiror thinks will be tendered to the initial offer, and as a consequence of this whether they will be able to take advantage of the "90% rule" that can force those shareholders that did not tender to the original bid to tender their shares thereafter, or whether the acquiror will have to proceed by way of a second step or squeeze out transaction as a result of obtaining less than 90%.

In the latter case, taking a toe-hold position in a company you are seeking to acquire can potentially have consequences related to majority of the minority approval, which is a requirement for completion of the second stage / squeeze out transaction.