It is interesting but predictable how the small investors refused to believe Connacher CEO Richard Gusella when he said on Friday:

“This is a proposal, it’s not a takeover bid. No, we’re not in play".

Institutional investors use this frenzy to unload their position and downgrade the stock.

CLL Institutional Holders position dropped to the lowes level ever from the high of ~40% to 11% only (see the link). Monthly Rotation indicates 88 million CLL shares were recently unloaded to small investor.

http://data.cnbc.com/quotes/CLL-T/tab/8.1

Reuters numbers are a bit higher at 13%

http://www.reuters.com/finance/stocks/insiderTrading?symbol=CLL.TO