Ann: Bidder's Statement, page-2

They stated that they have not purchased stock above a price of $3.21 - but on 22 June looking at the volume of stock traded and its individual pricing for each parcel, they could not have bought all 750k stock for under $3.21.

I think this partial takeover move is quite clever, given that all of the hedge funds who took positions following the rumours are now going to be stuck with 50% of their stock, which would most likely be dumped back on the market pushing the price back down, allowing crescent to get those shares at well below the offer price.