Assuming that they won't reach 90%, and force compulsory acquisition of the remaining shares, it's possible that someone is betting that there will be a future mop-up bid at a higher price. If I recall correctly, something similar has happened with David Jones shares years ago. A short-ish time after the original bid has closed, South African Woolies put in a new bid at quite a higher price to get to 100% of the company.
So they may look at it as 0.5-1c downside (in case of compulsory acquisition) vs additional 30c+ (pure speculation here) for a mop up bid.
MCR Price at posting:
$1.40 Sentiment: Hold Disclosure: Held
