But a lowball bid would be silly, everyone will reject, so what...

But a lowball bid would be silly, everyone will reject, so what the strategy is in using liquidity stops to get the price down is beyond me.
Same happened on Sky in Italy & Sky in Germany, so far the strategy could be argued to be a 50% success as Sky Deutschland was purchased cheaper but still reasonable price, it could be argued it was 0% success as Sky D had a Torn up operation not like TEN at all.
& not the market power of a 3rd commercial TV licence.