Ann: OZL: Unconditional Notice and Status of Conditions Notice, page-32

Exactly! Why accept and wait till 21st to get paid when one can sell on market and get paid in 3 days?

The idea that because the deal has gone unconditional there'll be an avalanche of acceptance is based purely on an assumption that institutions all think the deal is a great deal and are dying to accept (except that they have to wait until the deal become unconditional due to some charter restrictions blah) ... but what if institutions think this deal is a pathetic deal?

For retail holders who don't want to fight and don't want to drag on, the next best move would be, in my view, to sell on market rather than accepting. Accepting this pathetic deal simply doesn't make sense!