Latterly the AOH share price was mostly just tracking the CMMC...

Latterly the AOH share price was mostly just tracking the CMMC share price IMO. The drop was driven more by resistance to the deal in Canada.

In fact most resistance to the deal was in Canada. Altona shareholders voted overwhelmingly in favour of the deal, something worth remembering.

Yes some smaller shareholders no doubt sold in advance of the vote. None of the larger holders did and some even increased their holdings, as you point out.