post take over trading

Two things puzzle me.

1) Just as the market was going into the closing-single-price-auction on Friday a number of largish ($20k - $80k) orders immediately appeared on both the buy and sell sides, none of which had been there prior to 4pm. There were only $100k worth of trades the whole day in small quantities. Is someone trying to manipulate the price, and if so in what direction: both buy and sell orders suddenly appeared? Any ideas?

2) Anyone who wanted 285 for their shares could have accepted the take over so presumably the only people holding are those that think the shares are worth more. So who has been selling this down to 190 or so in the last few days? This always seems to happen when a take over is finalised without going to compulsory aquisition. Some people may have (mistakenly?) bought just before the take over closed and could not accept because of the T+3 rule, and so decide to dump but I am surprised by the extent of the retraction.
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