Calls from Sydney, page-21

Imo they're taking a calculated punt that the bid will not achieve compulsory acquisition status (i.e. >90% acceptance), that the bid will eventually come to a close (with Wyloo being the dominant, controlling, SH) and, CRITICALLY, that MCR still remains listed in the near-term. For v.limited downside risk (i.e. little near-term chance of any price action materially above $1.40) they're basically punting that the SP falls materially below $1.40 when Wyloo's bid eventually ends. It's a reasonably 'cunning plan' (channeling Baldrick)... until it's not. They'll need to repurchase at some point in the future, in order to close their positions... and they'll need to do so from a greatly reduced pool of available sellers. No free lunches, but some hot money is smelling a possible opportunity and is voting with their wallet.