for holders only very simple reaserch, page-17

Potentially and hypothetically there may be profit to be made by parties buying shares and options prior to the announcement and selling after, before the deal falls over.

Such could be achieved by a number of parties unrelated to PDY trading large volumes, but below the threshold required to lodge substantial shareholder notifications to the exchange.

The market volume and price for PDY prior to the announcement show steady rise - showing some parties absolutely slaughtered the market and munted a mint.