"The company putting out the offer would know that it's a virtual slam dunk if they have a couple funds in this position with almost 10% of the OS each. Scratch each others' backs."

You might be forgetting a somewhat minor point..... if a superior offer comes in then the vote would have to go to the higher offer....and then if another superior offer comes in then the vote would have to go to that one. If a lesser offer was recommended and taken, you can be quite sure that an investigation would be launched as this would be a brazen move counter to the interests of the company shareholders, and the players of the dark side would already have revealed themselves. As we stand, it is unlikely that there will be just one offer. NOT's package is just too big too let go from both CLFs position and our friends in Africa....and oh yes...China.