if there is a takeover? whats a fair price?, page-23

todays the bidder will be basing bid on expectation of full takeup.

That they have waited till the last possible week (note that no whispers showed in the price or depth last week) means that they are being respectful/careful to the target, and they waited for the JORC upgrade...both positive signs that they will make a fair bid and aren't the types to "stiff" their target, by coming sooner to base the bid on fewer shars and lower resource.