A comment. Xstrata was the ones that put in a low bid (R60 odd rand) which sent Eland tumbling (with the help of large press coverage - very suspicious) from R120 down to R80. It then made its way back up to R97, but now it uses only 30-days of trading history!!!! They should not be allowed to spin their Swiss nonsense here. They should be paying R150 per share.
yes, unless one takes the view that they will have to raise their price to get approval from enough investors. Alternatively they could refuse to raise the offer price, it gets rejected and stock falls and no more buy out.