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I agree @w27 and I would also add that once there is an acceptance by arbitrage seekers that their "possible" return is quite limited to such a small differential, the offer price for shares from those scardey cats who want to bail, will decrease by several cents IMO. Also, if they are still bidding this strongly for shares, there appears to be a conviction that a higher offer will indeed materialise. All this is just my opinion based on some sort of logic which may well be flawed, and is definitely NOT financial advice.

regards
DF