Prior to the offer, KKR had acquired almost 104 million shares,...

Prior to the offer, KKR had acquired almost 104 million shares, aroundyes , but not always the case. Sure you run over 20% then you need to move on the company so yes you would see change in substantial holder notices; but you have to remember that MYOB takeover was a $2.2b offer , which many would expect accumulation to offer and triggering substantial holder notices 

fwiw ...prior to the offer , KKR had acquired just over 100m shares or around 17.2% of the company ....they did not go above the 20% prior to offer.

Moving tight towards that 20% can cause a SP to gallope