I'm getting a ringside seat on Takeovre price maximisation...

I'm getting a ringside seat on Takeovre price maximisation tactics being in three T/O's at once.

1. At ADT, it appears previous management, headed by Paul Cronin, formed a company, Helikon, that with L1, is vending their shares onto The Dundee ( DPM) bid. Except Helikon was buying up plenty of ADT before the bid and the bid was leaked.
2. At XAM (Xanadu Mines). One of the XAM directors Ganbayar Lkhagvasuren, has formed a Company with a Singaporean co. to put up a relatively low-ball bid at 8c on XAM's whose asset is 50% of a company that company owns, the Khmargtai deposit, with Zinin.
3. At NWC, the directors have gotten themselves voted some more shares at 2c, and pledged their shares to CAML at 5c in the absence of a higher bid.

To me, there's a pattern forming, and I know there are "Event-Driven" hedge funds out there who, subsequent to a bid, will buy up shares (often at a slight discount to the initial bid price) in the company in play on the judgment that a more attractive bid will occur.

In the case of XAM the CEO, Colin Moohead, is sort of cheering (but not touting!) for a further bid, having, like NWC's directors, agreed to accept the 8c bid "in the absence of a superior Bid".

I've laid out what I'm seeing and think there's enough consistency for someone to form one's judgment on the evidence of the NWC situation.

All IMVHO.
PS: Of course, I could be ham-fisted and fumble all three.