POSCO Joint Venture, page-56

Also, the reason for the shorting is to get the X number when a TO offer comes along.
Once they have this mumber, through Y entities (each holding less than 5%), AT can say or recommend whatever he wants, these entities will vote for the offer.

The only thing he can do now is make sure the SP raises and that shorting becomes very difficult. That's the only way he can block it. But he doesn't do it, does he? Why? Isn't he advised by a TO expert? What's the nature and goal of the advice? Avoid the TO or facilitate it?