Can't say much about possible motives in terms of shorting for a failed takeover. May be the case.
The rise from the September low looked very suspicious, especially after it continued passed $1.20. Certain parties were obviously in the know about the takeover a couple of weeks beforehand.
If you have a look through old posts in the weeks before the takeover you'll find that Citi had a sell recommendation and a target price well below consensus. And then upon the takeover offer they appeared as advisors on the takeover to Cathay Fortune.
I like the narrow range on high volume last week too. Thought about topping up more but decided to wait a lbit more.
DML Price at posting:
95.0¢ Sentiment: Buy Disclosure: Held