The way I view this .... ..... whole scenario:
In my opinion:
a) these folks and entities buy at lower prices
b) make proposals of buy out, JV etc but below real value; and give paper instead of cash
c) the share price goes up or they hope it goes up
d) the proposals are not accepted - therefore sell shares for a small profit
e) in this case share has not risen a lot above their average purchase price
f) so now they are hoping that their proposal is rejected .. the market is happy that the air is now 'clear' - market buys and pushes up share price
g) Blue note and parties sell at a profit
wally
p.s. - while I have forgotten the facts but this was similar in some way when Northern want to take over sym PPI in dec 2004