RE: Who is doing all the buying? I don't know who's doing all the buying but, I don't think nord is selling anything to keep price down. People will not risk too much of a premium, so I don't think nord needs to put a "lid" on the price. If anything, it's possible Nord's agents are also buying on the open market trying to get as many shares as possible...
about the lockup shares, there's no additional information such as a break-up fee payable to nord if the lockup shares reneg, so I'm assuming there's no such clause, and who knows how committed the lock-up holders really are to the current offer.
In the LMA(on tsx) takeover bid going on right now, I hold a few shares, the major holder who agreed to the takeout price has a clause to pay a breakup fee to the acquirer. I forgot how much, but it's not a small amount either. So if nord had such a breakup fee clause with the lock-up holders, I'm sure they'd be all over bragging about it, and shoving it in our faces. just my 2c.