Totally agree the Rinker trade was slighty under different condition however the mechanic of what you say in your last paragraph remain the same.
A "way for the market to scalp some money as a retail punter buying on market and accepting into the offer"
Obviously it all depends on where you buy and where the price is after the acceptance date.
IMHO I see current levels as a quick profit. Not to mention writing calls over the stock in the process to reduce the downside.
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