3 scenarios of the outcome of mme buying, page-2

A combination of number 1 and 3 really. As arbitrageurs they will happily buy at a slight discount and sell to LNC for the 2c profit. If another bidder emerges they will happily sell to them too, or encourage a bidding war. If they manage to pick up a significant number in the meantime they may also try to force a higher price - this will apply to all shareholders.

They can't lose really - neither can other shareholders who keep holding.