Ceph can't bid on market yet as takeover offer is still...

Ceph can't bid on market yet as takeover offer is still conditional. Once it goes unconditional it can stand in the market at $1.35 but if it buys above that it has to increase the offer -- which it can't since it has declared it final.

Someone bidding $1.36 now is probably taking a bet that Ceph gets to 90% and the offer increases to $1.40. The buyer has a floor at $1.35 assuming the offer is unconditional shortly -- ie. risk $0.01 on the chance of making an extra $0.04.

The other possiblity is that the buyer is hoping this offer will close and Ceph will come back in the future at a higher price. But that is a longer time horizon and more risk than most traders will take.