Your analysis may not be correct. you are assuming that MQG and UBS and directors are not part of the 44m traded today.
Re the delisting. I thought it was after all the shares had been purchased. i.e. ZFX has to get to 90% for compulsory aquisition, then it delists. I could be wrong here and am happy for someone else who has a better understanding of takeover law to correct me.
Horse