zfx extend again, page-19

while the market is like this, zfx will be happy to extend. It gives the hedge funds more time to do the 'heavy lifting' for them. Just as BHP has done, the hedge funds would have had a significant stake well before BHP even formalised the offer (we won't get started on Chinalco)

This is how takeovers play out, ZFX wants the hedge funds to accumulate as they are not LT investors & looking for a quick exit. There is no way ZFX would have been able to accumulate like the hedge funds. Once the hedge funds are loaded, ZFX will put in something like $1.15 and the deal will be done. Its a symbiotic relationship. If ZFX just offered $1.15 a week after the initial offer, they would have had a similar % to now. However, let the hedge funds go to work for them, up the offer a bit and .....