Ann: Intention to Make Takeover Bid, page-187

There have been up to 300Mn shares change hands since the takeover announcement - NST have 150Mn or so & the Board is probably responsible for a further significant proportion. I'd say NST are on their way to 70-80%. Blocking stakes others may have, they may however just become a minority holding with NST having full control. My guess is most of the trading has been an arbitrage opportunity, while im sure about 10-15 % of the recent buying is aiming to hold out for a higher price.