Valuing ResApp Health, page-298

Personally this is why I think the price has been slowly declining leading up to the vote.

If arbitrage traders believe the no vote will get up and the SP will dip further in the near future, they will take the opportunity to get out now.

I could be wrong but there isn't much other explanation for it. If they believe the yes votes get up, they'll hold, if they believe the offer gets upped, they hold.

If TK has completely emptied the coffers for this takeover, it'll show in the quarterly and he'll have effectively sealed his own fate if it fails.