Ann: STX: Strike's Sixth Supplementary Bidder's Statement, page-9

Everybody is in it for the same reason. I can assure you that no smart money has been buying WGO in size in the high 30s to flip for a few cents after converting, waiting for a few months to get issued their new stock etc etc. all the while exposed to all manner of external risks. thats a dumb ass spec trade. People with real money don’t do that. The only people doing that here are people who are in it for the long haul and a seat at the board table.
I think you greatly overestimate ability of non bidders to influence the price in a takeover.

MIN bought ~35mm in 3 days to get themselves to 19.17%
they were effectively the only buyer after Gina’s weirdo conditional bid. Since then it’s just drifting down as nobody paying more than 36. Best case. You may not even get that. There are no other buyers.
mark my words, when Gina’s offer expires the only way out is strike or the bid. With ~30% still in play that’s all going to STX or you’ll be looking at a 30c bid for WGO as there’ll be plenty of bag holders who want cash rather than wait weeks or potentially months for their new stx script.
there’ll be no arb available as the STX offer will close at the same time.
if you want cash. Now is the time. On market. Or Gina.
don’t be a bag holder.