what happens now?, page-4

Ceph can't bid on market yet as takeover offer is still conditional. Once it goes unconditional it can stand in the market at $1.35 but if it buys above that it has to increase the offer -- which it can't since it has declared it final.

Someone bidding $1.36 now is probably taking a bet that Ceph gets to 90% and the offer increases to $1.40. The buyer has a floor at $1.35 assuming the offer is unconditional shortly -- ie. risk $0.01 on the chance of making an extra $0.04.

The other possiblity is that the buyer is hoping this offer will close and Ceph will come back in the future at a higher price. But that is a longer time horizon and more risk than most traders will take.