i dont get it, page-27

My thought is that it is MORE likely to get shareholder approval if price is below offer. A few retail investors have expressed disappointment that their shares are being diluted and the associated disgruntlement (if that's a word) at not being included in the offer.

However, if share price is below offer, then retail investors generally won't object. As far as intitutions buying on market. Have you seen the volumes? There are peanut crumbs to be bought below 43c. But still, to the average punter perceptions count.