Because to accept the takeover offer, you also have to deliver 14 rights as well as 1 ordinary share. The market is effectively a fake one.
The real ANL price is the current price for ANLN (ie 7.4 cents). March 5 is when the takoever offer finishes, open of trading March 6 is when ANLN cease to exist and everything becomes plain old ANL again. Will be interesting but I think between 7-8 cents will be the deal for quite a while.
