it means market doesn't think a higher offer will eventuate and...

it means market doesn't think a higher offer will eventuate and that 50c is in the bag. Still many months to go so people take money off the table now to buy something else. The arbitrage on offer is not very high unless a higher offer which is unlikely

When PYG got an offer for $1 it opened in the low 90's but eventually settled near $1.