Aflatoon, I don't know how much experience you have in the market but the undisclosed bids are arbitrage players looking to make a couple of cents by buying and accepting the bid. It is these guys who will drive the price below 40c if the takeover doesn't go ahead as they have to sell no matter the price as they are not long-term investors. They are not "third party interests" who will hold the price up. If the takeover fails they will be out of ECP very quickly.
