It wouldnt be LNC buying, they would have to make a stand in the...

It wouldnt be LNC buying, they would have to make a stand in the market which requires ASX approval as the takeover rules require all shareholders to be offered the same price.
The bidding company would generally only make a stand in the market if it was a partial takeover offer. As I said previously its people taking a position at or near the first offer in an all cash deal as there is virtually no downside risk.