Ann: Iberdrola - Change in substantial holding, page-5

What do we read into 7.3 million shares trading at 92.5 in the 4:10 pm closing auction today?

Iberdrola can’t pay more than 92 without paying all acceptors of the offer the same and UAC is maxed out at 20%.

Presumably someone other than Iberdrola buying who is happy that:

• they won’t be forced to sell at 92 and there is future share price upside under the two new major shareholders; and/or
• Iberdrola will need to up their bid to mop up more shares (or maybe to even achieve 50.1%).