2nd bidder, page-10

"It can't be NHC, it can't be LB. It could be hedgies looking for a sweetener or just new investors seeing value. "

it can be NHC, but it cannot be LB. it could be hedge funds.

L/B has stated 40c is Final, subject to a competing bid emerging.
Were L/B to try to increase bid after stating 40c was Final, there would be consequences eg WCL could go straight to Takeovers Panel and get those acceptances voided.

And L/B specifically alluded to that in their reference to "Truth in Takeovers" comment.

NHC can buy onmarket - they are only subject to "creep provisions" (ie 3% every 6mths) up to 20% takeover threshold.
so it "could" be NHC - but they would need to notify the market once their s/h increased by 1% movement - maybe we might hear something tomorrow????? if it was them.

Yep hedgies might be buying? Could also be an investor who wants a seat, because he likes the WCL story?
who knows.

Frankly nothing would surprise me now.

If s/h don't believe the WCL story, then now is the time to bail out. No point holding if one does not believe the development option.