Ann: Improved POSCO proposal and intention to recommend, page-131

This is very interesting, and as far as I can tell doesn't happen very often.
Those behind the market usually know something, with retail holders left in the dark, and nearly always left to just theorize or postulate.

The Low bid price theory.
One theory might be that someone has heard a major shareholder may not support the takeover because they think it's a low price, and that the takeover will therefore fail and the price will sink back some.

The High bid price theory.
Or, that someone in the market who supports the Gina/POSCO alliance has driven down the price in order to make $4.60 look like a good price and therefore make the takeover look attractive so it will succeed.

And there may be a dozen other reasons, so we'll probably never know (as usual), because the market is a cloaked beast.

Gw