I don't think the bidding is over, despite what main stream media is saying.
Have a look at the timeline for the OptiComm takeover:
First bid -- $5.10 – 15/06/20 Second bid --$5.20 – 8/09/2020 Third Bid -- $5.85 – 15/09/2020 Final price -- $6.67 - 15/10/2020
Four months passed between the first OPC bid and the final bid.
This is the current UWL timeline: First bid -- $4.50 - 15/03/22 Second bid --$5.00 - 24/03/22
Furthermore, the current economic environment has put pressure on large super funds to find alternative assets which are not correlated to traditional asset classes. As the super funds grow larger, they are finding it more and more difficult to find places to park funds. UWL provides an opportunity to allocate a decent chunk of cash into an asset with stable cash flows.
This is purely speculation, but it will be interesting to see how it plays out.
