offer rules, page-16

The number of shares changing hands could be confusing in the event that traders entered the market expecting to cream off a tick or two for instant gains and have resold. This could happen to the same shares more than once at a time like this. I would doubt that they were all sold to long term holders.

The larger than normal volume before the offer was announced could have been buyers with the privileged information that have resold after the bid was announced.

I would suggest a lot of recycling is happening.