imho some tree shaking, page-21

Im not saying that I do/dont know for a fact but GFs will happily buy all the shares available for 35c if ANZ are will sell.

You saw the other day that GFs picked up one (maybe two) large parcel for 35c confirming that they are interested in increasing their ownership of CQT. This means they have 'potentially' found something of interest in the outer area, which combined with MC, makes CQT a great company for them to buy. Therefore, if they can pick up more shares at 35c then they will be stupid to wait to pay more. They have already played there hand in delaring a bigger stake in CQT. If they werent interested in a takeover then they wouldnt be interested in increasing their holding. They would have sat on their 10% and slowly sold out.