I would think the idea of trying to accumulate 9% in each of two separate accounts is a non-starter.

What would make sense would be that if an entity knows that Noront is going to be taken out, they could approach a fund (off the record, of course) and say, "If you were to accumulate 9% of Noront's outstanding shares over the next month or so, discretely and staying under the 10% reporting level, you will be pleasantly surprised three months from now. By the way, we would expect that if an offer is made for the company, you WILL tender your shares at $1.50 in appreciation for us giving you this tip."

And then a few months later, the situation happens again with another takeover, but with the roles reversed.

Obviously, I could never prove that this sort of thing ever happens. But it would make sense. I would think that a fund manager in this position would never hold out for an extra 30 cents. They'd tender, because that was the gentleman's agreement between them. 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.