Closed at 10% above the offer price. Either the Directors were...

Closed at 10% above the offer price. Either the Directors were idiots to accept the 50c offer or, they knew that the offer SUBSTANTIALLY undervalued the compay. They established a 'base price' by accepting the offer. They probably know of, or have an indications of potential higer offers.
Today's buyers probably include those who sold at the time the scheme was announced, trying to jump back.
I am puzzled who is/are the major sellers in the last few days!