Ann: Conditional Off-Market ALL CASH offer for Cardinal, page-12

If it’s a dummy bid why did they pitch it at $1.05 ? Could have pitched it at $1.01. If they are friends of Shandong then wouldn’t a dummy bid at $1.01 made more sense ? It would make a Shandong bid at $1.05 look better, now they prob have to go to $1.10. If they are friends of Shandong they could have bought more on the market first at $1.01 or so and then put their dummy bid at $1.01 just prior to dumping into a raised Shandong bid of $1.05. I Certainly didn’t expect a 3rd genuine bidder. Is it possible ?