d) is pretty much correct, not necessarily want a bum on Board...

d) is pretty much correct, not necessarily want a bum on Board seat unless they really have to but most certainly unlock profit or drive value into the company. They aren't chasing any more than what they have unless the share price does actually slip further than what it is but it will need to decline by more 10% or more before they look to acquire more, if at all. Active investors are different from hedge funds are different from professional traders are different from HFT are different from CBT are different from traditional investors and understanding what type of company is buying a stake gets you a long way to understanding the nature of the holding and its intention.

Speculation of a takeover by SNC is mere fantasy in this case.