And that's why it's called Stawman! Thanks, @Slideup, I totally missed the point you raised about options & performance rights, good call.

I still think Humanforce really wants to acquire Intellihr, I guess we'll find out soon enough.

@Colflan yes strawman really is an invaluable place to see what other people are thinking.

Today, just from responding to your post made me think a bit more about when I will exit and as such I have now sold my entire holding for 22.75c. It is a good return for me so I am happy even if the bid still goes higher. I might be wrong but I just don't think HF want to chase this bid.

Good luck, and at the very least it is an entertaining spectator sport!

Cheers @Bear77.

It's developing into a very interesting day for the company/shareholders.

The 20c bid just become a binding offer and has been endorsed by the board as the superior proposal and now it is back with Humanforce to go higher. @PinchOfSalt well done on picking up those shares half cent shares!

It took a while to get going but we now have two commited bidders at this auction.

@PinchOfSalt I think that rule only applies if it is an off-market takeover. I am pretty sure that if you sell into an on-market takeover that is the price you get.

Interesting that he is selling out of IHR and 3DP, I don't follow him closely enough to know what else he has. I am guessing that stepping into the Megaport CEO role will take all of his attention so he is happy to have these other shareholdings closed out.

Yes @PinchOfSalt , @Slideup is correct. Any buys or sells done onmarket are done at the price agreed as the settlement price on the day. It doesn't change and there are no top-ups. The only time you get a higher price is when there is offmarket takeover that does not settle until the end of the period during which the offer remains open (and the offer can be raised during that period) or when the acquirer agrees to make up the difference to anyone who goes in early if the offer is later raised, but that only applies to offmarket takeovers. In that case (offmarket takeovers) the acquirer is incentivised to make that offer to top up the early movers later to encourage people to agree to sell their shares to them rather than wait until the offer period is almost closed to see if they could get a higher price.

They also often offer early settlement for early movers, so they get their money sooner if the accept sooner, with the promise that they'll receive a top up as well if the offer price is raised later by the same acquirer. But many people will wait anyway to see if a second or third acquirer emerges with a higher offer, because if you've already agreed (in writing) to sell your shares to one mob, you can't always change that selection when a second mob offers a higher price.

But the bottom line is that all sales done onmarket are final. No top up payments apply.

A more likely reason for a Sub (substantial holder) to sell on-market ahead of a takeover would be that they were concerned that the takeover won't go through, or else they want their cash now. In Bevan's case, he's a billionaire, so I don't think he needs the cash now, unless he's planning to takeover something else himself.

Additional: To be clear, during an offmarket takeover, any sales done onmarket are not regarded as being sold into the takeover because you have no idea who you are selling to. During an offmarket takeover, the only people that may get a top-up payment are those who agree in writing to sell offmarket to the acquirer. Onmarket trades during this period are not regarded as being sales into the takeover, and that's why they won't get any top-up later if the offer price is raised.