I don't know what WINS are doing, soaking up stock with such an aggressive bid. They weren't the MM used in the last offer. Could be order filling, but for whom? Maybe they built up a big short ahead of the plunge and are now closing it. And maybe they're acting for a predator. What a wonderful opportunity to pick up a leading industry position for a song just as the market picks up! The previous predator was rebuffed - they could now buy up the company much cheaper, with a 23 for 20 offer out of the way (and therefore cash which wasn't there before) - and at a better time. They'd be idiots not go for it now if they were interested before!