Or just some sub substabiobal positions being build by the big...

Or just some sub substabiobal positions being build by the big banks on behalf of a third party. Then bang so and so comes on the scene with x% and quick TO is launched. It does happen. Reason why this would be a good strategy for in takeover, is pretty simple, if you control 30-40% of a company that's in hot demand with out your competion noticing, is unlikely a bidding war will develop when you launch a TO. But then again it also could be that a couple of majors are acting on behalf of couple majors. Now that I like