Either funds are doing what was suggested and taking a risk-free punt on a higher offer, or else something more significant is brewing (such as a buy-up by a rival party in preparation for launching a bid of their own).
Nothing but speculation... but I would be very surprised if BOW was to be taken so easily without a fight. I'm certainly not selling mine.
BOW Price at posting:
$1.48 Sentiment: Hold Disclosure: Held