cephalon takeover, page-27

I cant see the take over offer failing but I can see it being revised upwards.

Rarely is the first offer the last one.
People were saying the same thing when CFE took over DMM " Take it...its the best you will do"...well the first offer was only one of a few revised bids upwards.

Ok...so that's a differnet industry (mining) but I see the principle as the same.
The share price action is exactly what I saw with DMM. IG buying coming in to either..

a) Hope for a bigger offer put forward and make another 5%+ gain ( which is alot once you start using big numbers ) OR
b) An investment fund or the like starts to take a big stake in the company.

Cephalon can't buy on market now can they...now that they have made a t/o offer?
So why else would there be millions of shares on the buy side?

Keen to hear others thoughts....sadly though Ive done some doe on this stock with the current offer :(