answers to questions, page-11

My analysis has been that if Tullow are not allowed to vote their shares, it would be easier for them to have a vote of 75% of at least 50% of shares (a condition of an SOA) - due to the fact that 20-40% of shareholders will not vote out of apathy.

If they are allowed to vote - i imagine that they would be buying.

The one thing that we can say for sure is that Tullow must have less than 5% of shares. Merrill Lynch probably put Tullow up to thinking of a bid as a way to rescue the punters that they tipped into the placement.