I can't see how those who bought all those shares at 17.25c...

I can't see how those who bought all those shares at 17.25c could possibly be independent if they were behaving rationally. Just to break even if they accept into the offer they would need to sell the OZL shares they receive for about $9.75. No profit margin to cover risk or interest or having money tied up for many weeks. In order to make a profit of 5% (minimum I would think would be acceptable to cover the risk) they would need to sell the OZL shares for about $10.70, way in excess of recent historical prices.