3PL shares traded ABOVE the takeover price today and remain only a fraction below it now.

For something that is far from guaranteed to proceed, and even if it does it will be a few months away, this is insane.

Only rational explanation would be expectations for a higher bid, though I can't see any justification for that.

If I were a shareholder, I'd be selling on market now given the time value of money and risk of takeover falling through.

Interesting times!