Ann: Variation of Takeover Bid , page-20

Anybody know how Jindal's strategy works? They had their 300 mill buy order in at 25c and no shares traded that low subsequently. Then they raised to 30c and no shares traded that low subsequently. Always the shares are traded just over their bid price. No substantial holder notices coming through so presumably someone other than Jindal is buying the shares that are traded, unless it is a nominee company or "Jindal friendly" buyer. So how does Jindal ever hope to acquire the company. Or is this the method they use to slowly divest their holding. If they had 40 mill shares and are managing to get 20c higher than the basket case RCI was before the bids, they may pick up $8 mill+ more - should cover their costs I would have thought. Just don't quite understand the whole gambit, unless they are trying to flush out Benny, or another bidder, because all they seem to be doing is progressively making their entry point more expensive, without actually acquiring any shares. Any suggestions because it confuses me!!