They need 70% more after taking off their already direct interest of 20%, so that's roughly 160 million more shares to reach 90%. It's an on market bid (not off-market) so if they don't get 90% and Zeta up their offer then anyone who already sold at 3.8 wont benefit from the increase.
Which also raises your question where are Harvest Lane coming from, are they looking at a quick flip at 3.8 cents or are they aiming to get over 10% and hold out so that Zeta wont reach 90%. If this is the case then an increased offer from zeta may be more likely. Or if Harvest are acting for another interested party then you'd think we'd probably hear about it sooner rather than later.
If zeta were to up their offer and eventually acquire 90% they can just compulsorily acquire the remaining shares. But by then we may have left the building with a higher offer.
BGH Price at posting:
3.7¢ Sentiment: None Disclosure: Held
