Think you may be onto something there dcrowe. Reading through the bidder statement it does seem like WN have the upper hand. They certainly believe that they can prevent a rival bidder from getting to the compulsory acquisition stage.
Like you I am starting to think that a bigger player is now buying up everything available on market whilst it is at a discount to the offer price in order to guarantee a majority acceptance of the offer. Possibly even another overseas company. Buying at an average of $6 gives a very nice return when the deal goes through.
It would explain the unusual buying pattern today.
Quite simply we are being out flanked.
BRM Price at posting:
$5.95 Sentiment: Buy Disclosure: Held