Ann: Substantial Shareholder Notice - Bidder now at 88.94%, page-13

It's easy to see how any one studying the situation could come to that view about possible side deals.
I make no specific comment about my personal opinion .

The offer opened in mid March.

They got acceptances for around 1% of the shares in around 3.5 months.

They had an independent expert report to view from the end of March.

The bid is extended less than 2 weeks ago, along with a statement from the NA's saying a new IE report will be available in 2 weeks, and will include an updated NA's recommendation.

All of a sudden they mysteriously get an extra 2.2% in 2 weeks, prior to the updated IE report and NA recommendation, and still well below the value ascribed in the last IE report. There is still another 2 weeks before the offer closes.

Beggars belief doesn't it!