Thanks again Swingwing. I'll have to apologise because I'm a bit of a slow learner when it comes to all things financial.
So if I understand right, what you are saying is that funds who bought, using your example, on Wed May 2 at $5.30-$5.25 rather than committing themselves to APA at $5.45 (which is in no way a certainty) would rather sell prior to the next 2 weeks, presumably at less than $5.45.
Which begs the question, if the hedge funds hold 36% and APA has 46% it would only take a small amount of collusion between them all to get the deal over the line at $5.45. The funds have maximized their profit, APA has Qantas, everyone's a winner (except us).
I've had a few beers, I'm sure this will all be crystal clear in the morning