the other thing to think about is that a TO at 3.30 would be the...

the other thing to think about is that a TO at 3.30 would be the AVERAGE price. Despite the fact that sub holdings should be revealed to the market a predator may be using sneaky but legal (enough) tactics to build a 20% stake at a price much lower than 3.30....A lot of volume has gone through since the downgrade so perhaps at even at around 2.50 . That would then give some leeway to make any offer a bit higher than the touted 3.30 and still be an ave buy price of 3.30 for the taker overer