General Discussion, page-22

The shifting of buy and sell levels throughout the day strongly indicate non-retail investor trading. We are witnessing Funds buying up the stock to hedge their risk if the merger occurs, accruing a base holding at current prices. This is comforting as it demonstrates industry confidence that the merger will likely occur, and also that the SP should continue to steadily incline until the announcement is made. If the merger doesn't occur, I don't think we'll witness SP crash too badly as it's likely these Funds will look to exit gradually, rather than do so overnight.