Thanks for the reply Swingwing. I can see what you're saying makes a lot of sense for shares that will be acquired within the next 2 weeks. But what I don't understand is what difference it makes for shares the hedge funds already own.
Say, for example, you bought shares last week at $5.38. What difference does it make whether you accept the offer before 7pm Fri 4th, or on Fri 18th. You still make the same profit of 7c and get paid at exactly the same time, if the bid goes unconditional. What is the advantage of waiting the extra 2 weeks on shares you already own rather than accepting immediately and risking APA falling short of 50%?
Cheers