30% Ownership Threshold

I'm looking for some help understanding the ownership rules of the EPL. I keep reading that once an individual owns 30% of a club, he "must make an offer for the remaining shares of the club." What, exactly, does "make an offer" mean? The stories make it sound as though it inevitably means that the club will be taken over by the 30-percent shareholder.

If the other shareholders don't want to sell, can't they simply refuse his offer? If the 30%-guy really doesn't want to buy the whole club, can't he simply make a low-ball offer for the remaining shares, knowing it will be rejected? Given these scenarios, the threshold seems meaningless... and yet it looms large in stories about Arsenal.

This is in the news around here, because the the St. Louis Rams are up for sale. Stan Kroenke owns 40% of the Rams. Every article about the sale points out the fact that Kroenke owns 29.9% of Arsenal, and cites the EPL rule that if he buys any more shares, he will be "required to make an offer for the remaining shares of the club."

Why is it that the words "must make an offer" seem to mean "must buy" in this situation? Please help me understand.

 

IIRC, the rule is if the offer (by the 30% guy) isn't taken, then he can't make another offer for X years.