I agree. Here's the million dollar question: how does it benefit the big guys who hold millions of shares to hold the share price down? Wouldn't it actually be in their best interest to buy the first few million shares on announcement, let the price run up intra-day, and then (if ever, prior to buy-out news) sell some of their shares.

If its true that there has been manipulation to keep the price share down, the permit would be the time to reverse the manipulation and drive it up.