RE:RE:I am well aware of PRE and it's operations RoosterRooster most of what you described is backed up by this publication where "362 cash tender offers between 1981 and 1995 in the United States in which the bidding firm was attempting to own 100 percent of the target firm"
https://researchnews.osu.edu/archive/specsprd.htm
The speculation spread for PRE was close to the bid after the first day then dropped to 10% below the bid days later. It will be interesting to see if PRE follows the same statistical path of prior takeover bids. I'm on the rollercoaster almost solf Friday but withdrew the sell order.
"Walkling said the findings show that the market does a very good job of evaluating acquisition attempts and determining whether they will be successful, how long the deals will take to complete, and the final price of the deal."