without competing bid agm will fall for 1.20, page-9

Well if it is carefully planned, they would have planned to offer a price around 10 to 15% below what they expected to actually pay. Why ? because thats the way it works.

Every bid for non-distressed companies gets increased. Just about every time. Can you name an exception ??

ZFX have neglible acceptances so far. People are still paying over 1.00 in the market despite the meltdown of everything else.

ZFX will need to increase their bid to around 1.15 to 1.20 and wrap up the deal. The sooner they do this, the better.