RE:RE:RE:Private salesThis is probably what is happening right now.
Once an offeror has publicly announced its intention to make a take-over bid, the acquiror may not purchase shares of a target company outside the take-over bid until it has commenced its offer and then only up to 5% of the shares under prescribed circumstances. Accordingly, it is common for acquirors to consider whether to accumulate shares of a target company before comencing or announcing their intention to commence an offer in order to acquire a “toehold” position in the company. Prospective offerors typically acquire a toehold through open market purchases or private agreement transactions.