it is for hedge funds where UBS is their prime broker. They...

it is for hedge funds where UBS is their prime broker. They would almost certainly be buying to make a profit on the 0.08 per share that is on offer, not to block the offer or argue for a higher bid.

I can't understand why people aren't accepting, a better offer hasn't come yet so why think it will now? and what's the alternative? we don't accept and who knows how far the price will fall.

Whether we completely agree with the price or not, it's time to accept, because we'll get smashed if we don't.