Highly likely! every share they can get for 32c is one less they have to pay 36c for. They are being offered a discount on market by every seller plus they are eligible for the 1 for 4.7 offer providing further 20% discount. They could pay over 40c on market until end of trading on Monday because they'll still get the 10c stock to discount that purchase.
Best way to test that is pull all sell orders under the 36c and see if there's any interest Sellers should not be further subsidising the takeover imo
They would likely be buying through shadow entities so as not to expose to risk of breaking clause
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