There is no way a t/over offer would come at just 22.5 cents...

There is no way a t/over offer would come at just 22.5 cents IMHO. I have no idea what would be a fair offer but considerably higher than that given it's only about 10% above current SP...
On another note... What ive loved about today's trading is the gradual build. Each sell block is slowly being whittled away. Whereas other U companies like BMN have faded throughout the day NGM has just got stronger. That 20c roadblock was considerable but has already been torn down. 22.5 cents may be a different story without an announcement or takeover talk in the papers.
Volume is highest for six weeks...