The buying over the last 12 months doesn't seem like anyone has...

The buying over the last 12 months doesn't seem like anyone has been accumulating, but surely a bidder would buy on market in the sub-50c range up to just under the 5% substantial holder disclosure point. Or given they've been pretty open that they are intending a takeover, why not accumulate on-market over time to just under the 20% takeover trigger. If the $ figures above are anywhere close to the mark they'd save themselves a fair bit of coin.

The fact that they've neglected to do this makes me think an offer will be a premium to current - maybe 60c but not much more. IMHO PDZ have been bent over a barrel by the Polish Govt so the Polish suitors can pick it up cheap.

Weirdest 'takeover' I've ever seen.