Ann: Target's Statement and Independent Expert's Report, page-101

From memory the number offered for sale and the number sought by the buyers have been in a fairly consistent range for weeks now. Similarly, the daily sales have been in a fairly consistent range. Of course there is the possibility of churning but is there another possibility? Guess it's not much use asking questions like this because the only ones who know the answer aren't telling. Never-the-less my guess is someone is gradually building a holding at a minimum price above the TO offer before it closes and someone else is happy to get a bit more than the TO offer and is happy to release gradually before the closing date. Hence the buyer is avoiding putting upwards pressure on the price and the seller is avoiding putting downwards pressure on the price. The longer this goes on the more shares the Buyer accumulates at a small margin above the TO price. Once the Sellers price rises to the buyers threshold then I guess a counter bid will appear.