I don't think 28.25 is done and dusted, there is no speculation...

I don't think 28.25 is done and dusted, there is no speculation or suggestion on a time-line, there is also the question of a dividend payment that would be considered as part of price. More importantly It would be my expectation that the directors would be acting to maximise the return to share holders by incorporating a franking credit ie a capital return plus a fully franked dividend. equaling the 28.25 plus the franking credit or whatever figure they settle on.
I find it interesting that there has been no significant increase in volume and the sales seem to have settled at around 27.40 or around 3% below the offer. Maybe the arbitrage players don't think this is a goer.