Fifteen years ago, a not-for-profit chaired by Sirtex founder and then-executive chairman Bruce Gray was instrumental in rejecting a takeover bid for the company, even though Gray's own stake, at that point a hefty third of the company, voted in favour.

Now, Sirtex is again up for grabs, and Gray, who hasn't been a substantial shareholder for years, has gone above the 5 per cent threshold. But Sirtex's major shareholders aren't too worried about the return of the combative and at times enigmatic founder, as they contemplate an offer that should see everyone walk away richer.