Indeed, I am refering to that. It's my personal observation so DYOR.
According to the Target Statement,Folios intends to accept the offer not earlier than 21 days after the offer opens in the absence of a superior offer. I believe he is holding back until the acceptances approach 80% and close to the expiring date when there is no chance of a superior offer in the interest of GMM shareholders.
Ann: Change in substantial holding from Galaxy Resources,GXY-GMM.AX, page-19
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