No doubt there is movement at the station, just what word has...

No doubt there is movement at the station, just what word has passed around?

Very late for a new bidder to start accumulating perhaps, not it it's a 'top-up' on what they may have already locked away. Not too late for a new bid, but I'm a bit surprised they managed to keep it quiet (ie share price under 50's for so long) and perhaps that they have left it late. Thinking it over, I can see tactically why a new bidder would not buy on market for so long... soften up holders expectations on what a fair final TO price is, at the expense of a buying a few more shares cheaper pre-bid. I can see why the few dollars saved by loading up pre-bid on market isn;t worth the inevitable higher market price another bid would be made from as buying significant volumes on market inevitably drives the price upwards.

What do the buyers who started all over this two days ago know I wonder?. One possibility is that a new bidder has contacted and put some/multiple large holders shares under a call option arrangement pre-bid. That way a new bidder gets control of a decent lick of stock behind them pre-bid but without having to buy on market and push the price over a month or more. Such approaches to large holders and hedge funds that no doubt took positions like Odey are made under confidentiality agreements of course, but we all know what they are worth when inside info is valuable...

The other possibility is someone needed enough shares to form a blocking stake, but with no intention of making a superior bid. As the vote next week approached, they needed to hit the accelerator to reach their magic holding number? That is the not so good option... risk of TLEA walking away vs making a higher offer to get the 'greenmailers' to agree to vote yes with their blocking stake. Certainly an interesting turn of events I didn;t expect last week, just goes to show you can never say never.

GLTAH