Here is the answer I have found, for an 'off market bid': "The...

Here is the answer I have found, for an 'off market bid':

"The bidder's ability to compete on-market If an off-market bid is unconditional or subject only to “prescribed occurrences”, the bidder may purchase shares on the ASX in the ordinary course of business. Where a higher cash price is paid outside the bid, the price payable under the takeover bid is automatically increased to that higher price."

Third link down 'Take over guide'

So my reading of that is, as long as they do not pay a higher price than 5.5c they can buy as many as the like on-market, is this correct ? If so then why wouldn't they have been to ones to snap up that 40mil shares in one gulp this morning ?