Someone is chasing the ask bait to a point. Who? Why?

I believe beneficial share record date was July 18th, 2011. So, it's not Finskiy and friends buying to fortify their YES vote. Nor would they buy because they'll realize a big gain if merger occurs - nor would any sane retail.

Therefore is someone taking a punt on either:

1) Merger being killed in some manner

2) Taking a punt on arbitrage to meet a $1.40 WTG price?

Any takers?