Kybosh,
Some will sell because they prefer 'a bird in the hand to a couple in the bush', others will take 38 now rather than 40 in a couple of months because they feel they can use the money more productively in the intervening period. Others will sell because they are impatient by nature.
The other issue is there are sometimes factors at work to micro manage the share price so as to make the bid look like it will succeed at the price offered, if you know what I mean... nudge nudge, wink wink say no more.
The only thing that will move the share price to or past the bid price is the possibility of a competing bidder or the possibility of a sweetened offer.
Personally (IMHO)I believe a competing offer will emerge and that anyone selling now is going to regret it.
Does that help?
Kybosh,Some will sell because they prefer 'a bird in the hand to...
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