Totally agree the Rinker trade was slighty under different...

Totally agree the Rinker trade was slighty under different condition however the mechanic of what you say in your last paragraph remain the same.

A "way for the market to scalp some money as a retail punter buying on market and accepting into the offer"

Obviously it all depends on where you buy and where the price is after the acceptance date.

IMHO I see current levels as a quick profit. Not to mention writing calls over the stock in the process to reduce the downside.